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Watch Bessent's testimony on President Donald Trump's budget request live in the video player above.
In a post on X Tuesday evening, Bessent said the blockade of Iranian ports "directly targets the regime's primary revenue lifelines" by constraining maritime trade.
READ MORE: Approval of Trump on economy falls in new AP-NORC poll, as Iran war drives up prices
"Kharg Island storage will be full and the fragile Iranian oil wells will be shut in," Bessent said.
Kharg Island is considered the beating heart of Iran's oil industry, through which 90% of its exports pass.
In line with previous statements about economic pressure efforts, Bessent also said Iranian funds would remain frozen and any person or vessel facilitating the flow of funds to Iran would risk U.S. sanctions.
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