Treasury Secretary Scott Bessent announced that the United States is deploying five new authorities to enforce its economic pressure campaign against Iran, targeting digital assets, aviation, and maritime shipping while coordinating pressure with international allies. According to U.S. Central Command, American naval forces have already redirected 84 commercial vessels, boarded two and disabled three others “to ensure compliance” with the American blockade against Iran.
Bessent Outlines Five New Authorities and Broadened Sanctions
The Trump administration’s maximum-pressure campaign relies on tools deployed by the Treasury Department. Treasury Secretary Scott Bessent stated at the G20 finance ministers summit in Asheville, North Carolina, that the administration is utilizing five new authorities to squeeze Iran. These measures target digital assets, aviation, and maritime, and are being used across entities doing business with Iran’s Islamic Revolutionary Guard Corps.
Bessent highlighted the recent use of a previously untested Patriot Act authority against a Dubai branch of an Egyptian bank that allegedly funneled more than $1.8 billion to the Iranian regime. Additional bank sanctions are scheduled to be announced this week and next week. According to Bessent, these financial measures were preceded by an initial military campaign that he claimed destroyed Iran’s navy, air force, missile and drone inventories, along with 85% to 90% of the factories capable of rebuilding them.
CENTCOM Enforces Naval Blockade Amid Strait of Hormuz Attacks
U.S. Central Command reported that U.S. forces have redirected 84 commercial vessels, disabled three and boarded two others “to ensure compliance” with the American blockade against Iran, sharing the update on X alongside a photo of a U.S. Sailor directing the takeoff of a UH-1Y Venom utility helicopter from the flight deck of the USS Boxer in the Arabian Sea. The naval operation comes as maritime security in the region faces tensions, with recent exchanges of fire and attacks on commercial tankers near the Strait of Hormuz.
Did you know? The strategic waterway typically carries roughly one-fifth of the world’s oil supplies.
Two oil tankers—the Saudi-flagged supertanker Sidr and the Liberian-flagged Senegal Prosperity—were reported struck by unknown projectiles near the strait earlier this week, within minutes of each other while traveling outbound through the strategic waterway. All crew members were reported safe, while the incidents helped drive oil prices higher.
Iranian Leadership Responds with Defiance and Diplomatic Outreach
Iranian officials pushed back against the American pressure while seeking diplomatic backing from international partners. Iranian Parliament Speaker Mohammad Bagher Qalibaf warned that Tehran would respond militarily if the U.S. intensifies its “siege” against Iran. “If the U.S. siege is intensified, we will definitely respond militarily,” Qalibaf said, according to the Iranian media reports.
Meanwhile, on the sidelines of the Shanghai Cooperation Organization summit in Bishkek, Kyrgyzstan, Iranian President Masoud Pezeshkian met with Russian President Vladimir Putin. Pezeshkian thanked Putin for Moscow’s position on the war and sanctions, and stated earlier Tuesday that Tehran would immediately return to a June memorandum of understanding if the United States resumed its commitments under the deal.
White House Pursues Energy Dominance and Private Talks with China
In Washington, President Donald Trump held a meeting Tuesday with refiners and distributors to expand U.S. refining capacity, lower gasoline prices, and advance his energy dominance agenda. Concurrently, U.S. officials reported that North American Blue Energy Partners will take over some Venezuela oilfields previously controlled by several Chinese companies and a Russian firm, with the projects among 14 contracts newly granted to U.S.-backed NABEP, which was previously owned by U.S. oil tycoon Harry Sargeant and is now controlled by Venezuelan businessman Alejandro Betancourt.
Treasury Secretary Bessent also disclosed that the United States has held private discussions with China regarding Iran. According to Bessent, the two countries agree that Iran cannot have a nuclear weapon and that there should be freedom of navigation in the Strait of Hormuz. House Foreign Affairs Committee Chairman Rep. Brian Mast, R-Fla., praised the administration’s approach as an “Economic D-Day” campaign, arguing that countries including China, Russia, Pakistan and Iran’s regional neighbors should face pressure to stop doing business with Tehran.
Frequently Asked Questions
What triggered the latest spike in oil prices?
Oil prices rose as President Donald Trump threatened additional strikes against Iran following renewed U.S.-Iran hostilities and attacks on tankers near the Strait of Hormuz.
What new authorities is the U.S. Treasury using against Iran?
According to Treasury Secretary Scott Bessent, the Treasury now has five new authorities, and it is across digital assets, across aviation, and across maritime.
How is the U.S. military enforcing the blockade?
U.S. Central Command reports that U.S. forces have redirected 84 commercial vessels, disabled three and boarded two others “to ensure compliance” with the American blockade against Iran.
What is Iran’s stance on negotiations?
Iranian President Masoud Pezeshkian stated that Tehran would immediately return to a June memorandum of understanding if the United States resumed its commitments under the deal.
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