Treasury Secretary Bessent warns Iran of sweeping new financial pressure

WASHINGTON - Treasury Secretary Scott Bessent said the United States is preparing what he called the single greatest financial offensive against Iran, aiming to cut every economic lifeline that sustains Tehran's government, the BBC reported from an opinion essay Bessent wrote for the Financial Times.

Bessent framed the push as an economic D-Day. He said any nation that keeps partnering financially with Iran would also face isolation. He did not list every tool in the essay and was expected to detail measures at a U.S. press conference Monday afternoon.

President Donald Trump's administration has already layered sanctions on foreign banks and firms tied to Tehran after military pressure earlier this year did not produce surrender. Bessent wrote that the conflict with Iran is entering its endgame and that the objective is to leave Tehran standing alone economically.

Iran dismissed the comments. Reuters reported Tehran said it would shut down all oil exports from the region if the war continues and again warned ships not to pass the Strait of Hormuz without its permission. About one-fifth of the world's oil and gas usually moves through that waterway. Flows have been heavily disrupted since fighting intensified at the end of February.

The United States has long maintained tough Iran sanctions. Trump withdrew from the 2015 nuclear deal in 2018 and reimposed measures. The current wave adds pressure on third-country finance and trade that still reaches the Iranian economy, including channels that touch China and other buyers.

For American households, the stakes are practical. Any further squeeze on Hormuz shipping or regional oil exports can jolt gasoline and diesel prices and move energy holdings in retirement accounts. Bessent's Monday briefing was set to spell out which banks, shippers, and trading networks the administration intends to hit next.