The announcement comes as the US aggressively enforces a naval blockade on Iranian ports along the critical Strait of Hormuz. In a statement on X (formerly Twitter), Bessent claimed that the pressure is already working, noting that “the Iranian economy and currency are in free fall.” He made it clear that the economic chokehold will not ease up until Tehran returns to the negotiating table, stating, “Only a satisfactory outcome in negotiations will end the downward spiral,” News.Az reports, citing The Jerusalem Post.
The @USTreasury continues our Economic Fury campaign against the Iranian regime.
Their troops are not getting paid, the police are not reporting for work, and Kharg Island is shut down. The Iranian economy and currency are in free fall.
Iran’s Persian Gulf Strait Authority…
— Treasury Secretary Scott Bessent (@SecScottBessent) May 28, 2026
The Treasury Secretary also targeted Iran’s newly established Persian Gulf Strait Authority (PSGA)—which was set up to manage vessel movements through the strait—calling the agency a “joke” and highlighting new counterterrorism sanctions against it. Bessent issued a stern warning to global corporations and foreign governments, cautioning them against paying any shipping tolls to Iran or attempting to hide those payments as humanitarian aid.
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The regional tension extends beyond Iran. Bessent explicitly warned neighboring Oman against facilitating or participating in any tolling systems in the Strait of Hormuz, promising that the US will “aggressively target” any involved entities. The warning follows a highly volatile cabinet meeting where President Donald Trump threatened severe military action against Oman if they interfere with shipping lanes in the strait.
