Treasury Secretary Scott Bessent Escalates Economic Fury Campaign Against Iran
Scott Bessent announced Thursday that the Trump administration is moving to “shut down” Iranian airlines and impose new sanctions targeting Tehran’s efforts to control shipping traffic through the Strait of Hormuz.
The move is part of President Donald Trump’s broader “Operation Economic Fury” campaign designed to cripple Iran financially while military and diplomatic pressure continues to build.
Bessent said the administration would target Iranian airlines by cutting off access to landing rights, refueling services, and ticket sales operations.
“Only a satisfactory outcome in negotiations will end the downward spiral,” Bessent said.
The crackdown follows a recent New York Post opinion piece by Foundation for Defense of Democracies analysts Mark Dubowitz and Miad Maleki, who argued Iranian airlines were serving as a major financial lifeline for the regime following the cease-fire that took effect in April.
The analysts warned that carriers such as Mahan Air and Iran Air had restored multiple international routes, allowing Tehran to generate badly needed revenue while allegedly transporting weapon components and allied fighters.
Bessent also unveiled sanctions targeting Iran’s newly formed Persian Gulf Strait Authority, the entity established to collect transit fees from ships attempting to pass through the strategically critical Strait of Hormuz.
“The Iranian economy and currency are in free fall,” Bessent wrote on social media. “Iran’s Persian Gulf Strait Authority is a joke, and today Treasury has sanctioned it.”
The sanctions are intended to discourage companies and governments from paying tolls or engaging in financial arrangements with Iran connected to passage through the strait. Bessent warned that entities assisting the effort could face exclusion from the international financial system.
The Strait of Hormuz remains one of the world’s most critical shipping lanes, carrying a massive share of global oil traffic. Tensions in the region have escalated sharply since the United States and Israel launched strikes against Iranian targets earlier this year.
President Trump intensified the pressure campaign further on Wednesday by warning Oman against entering any agreement with Iran involving joint control of transit operations through the waterway.
“It’s international waters, and Oman will behave just like everybody else, or we’ll have to blow them up,” President Trump said during a cabinet meeting.
The latest measures underscore how aggressively the administration is attempting to squeeze Tehran economically while negotiations over Iran’s nuclear program and regional activities remain unresolved.