US threatens Iran with unprecedented economic isolation, with new measures expected to be announced next week

US Treasury Secretary Scott Bessent on Thursday warned that Washington would impose economic isolation on Iran “like the world has never seen before,” with further measures expected to be announced next week.

Speaking to conservative broadcaster Newsmax, Bessent said the US strategy would combine intense financial pressure with a physical blockade of Iranian ports. He added that the ongoing blockade of the Strait of Hormuz would prevent goods from entering or leaving Iranian ports.

“Watch this space for more announcements coming next week,” Bessent said.

Vice President JD Vance said earlier that the US priority in the conflict with Iran was to bring down oil and gasoline prices for American consumers, while preventing Tehran from obtaining a nuclear weapon was now the second priority.

Bessent’s latest warning marks a tougher stance than his comments on August 4, when he told CNBC that a deal with Tehran to reopen the Strait of Hormuz could be reached within days. His remarks at the time boosted Wall Street and pushed oil prices lower.