US Treasury Secretary Scott Bessent said the United States is tightening economic and financial pressure on Iran in an effort to weaken the country’s leadership and oil industry. Speaking on Sunday Morning Futures on Sunday, Bessent said the Trump administration believes Iran’s economy is under severe strain after months of sanctions, financial restrictions and efforts to disrupt Tehran’s oil exports.
“We are running a marathon over the past 12 months and now we are sprinting toward the finish line,” Bessent said during the interview. “They are not able to pay their soldiers. This is a real economic blockade,” he added.
The comments came after a pause in the recent US-Israeli air strike campaign linked to tensions with Iran. US has since shifted attention toward economic measures aimed at reducing Iran’s oil revenues and weakening the country’s financial system.
The United States considers oil exports the main source of income for the Iranian government. Officials believe cutting those revenues could increase pressure on Tehran during negotiations over its nuclear program and regional activities, reported Bloomberg.
Bessent said Iran’s crude oil storage facilities are rapidly reaching capacity because exports have slowed sharply under the latest restrictions.
The Treasury secretary said the US believes Iran’s oil industry may soon face operational problems if storage tanks continue filling up.
“Their oil infrastructure is starting to creak,” Bessent said. “It hasn’t been maintained again because of our decades-long sanctions against them,” he added.
Why is US increasing pressure on Iran?
The Trump administration has expanded sanctions and maritime restrictions as part of a broader campaign against Iran’s government and the Islamic Revolutionary Guard Corps.
Bessent said the United States has increased pressure on financial networks and shipping routes connected to Iran.
“No ships are getting through the strait from the Iranian side and we have upped the pressure on anyone trying to remit money into Iran to help the IRGC,” he said, referring to the Islamic Revolutionary Guard Corps.
The administration believes limiting Iran’s oil sales will reduce the country’s ability to fund military operations and support regional allies.
Bessent also dismissed Iran’s recent efforts to collect tolls from vessels moving through the Strait of Hormuz. “Tolls that Iran has been able to impose on vessels transiting the strait have been a pittance compared with the country’s previous oil revenues,” he said.
The Strait of Hormuz remains one of the world’s most important oil shipping routes. Any disruption there can affect global energy prices and supply chains. US officials say the latest restrictions aim to pressure Iran economically without immediately returning to direct military action.
What is happening to Iran’s oil industry?
Iran’s oil sector now faces mounting pressure from reduced exports, limited storage capacity and years of sanctions. According to Bloomberg, a senior Iranian official said the country has already started reducing crude oil production to avoid running out of storage space.
Instead of waiting for tanks to become completely full, Iran has reportedly begun cutting output early to manage capacity limits.
Energy analysts say shutting oil wells can create long-term technical and financial problems for producers because restarting production later often becomes expensive and difficult.
The Trump administration believes Iran’s aging infrastructure and limited maintenance have made the industry more vulnerable to disruptions.
President Trump suggested on Saturday that Iran’s latest proposal in nuclear talks would not be enough to secure an agreement with the United States. The US has repeatedly demanded that Iran fully end any effort linked to developing nuclear weapons.
Iran has denied seeking a nuclear weapon and says its nuclear program serves peaceful purposes.