US Treasury Secretary Scott Bessent has declared that America is currently “suffocating” Iran through intense financial and economic constraints, predicting that the leadership in Tehran is nearing a point of collapse.
In an interview with Fox News’ Sunday Morning Futures, the Treasury Secretary indicated that the pressure campaign has reached a critical phase. “We have been running a marathon over the past 12 months, and now we are sprinting toward the finish line,” Bessent remarked.
He further noted the internal strain on the Iranian military, stating, “They are not able to pay their soldiers. This is a real economic blockade.”
Shift from military action to economic squeeze
With direct military strikes currently paused, the administration’s strategy has shifted toward an aggressive squeeze of the Islamic Republic’s economy.
This includes a naval blockade aimed at halting oil exports, which serves to starve the regime of its primary source of income.
Bessent suggested that the Iranian petroleum sector is facing an imminent crisis and may be forced to begin shutting in wells “in the next week,” as the nation’s crude storage is “rapidly filling up.”
Oil infrastructure and production under strain
The Treasury Secretary highlighted the deteriorating state of the country’s industrial assets, noting, “Their oil infrastructure is starting to creak.”
He attributed this decay to long-term isolation, adding, “It hasn’t been maintained, again, because of our decades-long sanctions against them.”
According to Bessent, the maritime restrictions have been highly effective, ensuring that no ships are getting through the strait from the Iranian side.
Crackdown on financial networks and revenue loss
He also emphasised a crackdown on financial networks, stating, “We have upped the pressure on anyone trying to remit money into Iran to help the IRGC,” in reference to the Islamic Revolutionary Guard Corps.
He dismissed the significance of the fees Tehran has attempted to collect from vessels passing through the region, describing the tolls as “a pittance” when measured against the massive losses in oil revenue.
Reports suggest that officials in Tehran have already started to scale back crude production to prevent their storage facilities from reaching absolute capacity.
Diplomatic stalemate continues
Donald Trump indicated over the weekend that the most recent offers from Tehran would not be sufficient to secure a diplomatic breakthrough.
The American position remains firm that any potential agreement must include an end to Iran’s nuclear program, despite the fact that Iran has consistently denied seeking a nuclear weapon.
Published on May 4, 2026