US Treasury Secretary Scott Bessent outlined an aggressive new economic campaign targeting Iran, asserting that the United States would "collapse" the Iranian regime. Speaking to CNBC, Bessent declared that this effort would constitute the "greatest coordinated economic isolation in the history of the world." He also issued a stark ultimatum to international allies and businesses: "You are either with us or against us," warning that any nation continuing to do business with Iran, including transferring money, buying oil, or engaging in seaborne transfers, would face the full force of US Treasury and government enforcement.
This intensified economic pressure, dubbed "Operation Economic Fury" by the US Treasury and Pentagon, is intended to degrade Tehran's warfighting capabilities by cutting off its revenue streams. Bessent suggested that this maximal economic pressure would likely negate the need for a "large-scale kinetic restart" of military operations, complementing an ongoing naval blockade of Iranian ports in the Gulf of Oman. He described this strategy as a "one-two punch," combining the blockade with the "toughest sanctions in history" to throttle Iran's economy, which has already seen its GDP contract and inflation balloon to historic highs, with food prices doubling in the last 12 months.
President Donald Trump had previously promised an "unprecedented" level of economic warfare, an "economic D-Day," against Iran, aiming to force an end to its nuclear program and reopen the Strait of Hormuz. Bessent confirmed that further details of the plan would be revealed at a press conference on August 24. This campaign comes as the Trump administration faces scrutiny over the Iran war nearing its six-month mark and diminishing weapon stockpiles, with Vice President JD Vance emphasizing economic pressure as the most effective tool available.
