US Treasury Secretary says blockade on Iran will 'crush failing Iranian economy'

US Treasury Secretary Scott Bessent has stated that the US blockade on Iranian ports will crush the country's economy. According to Bessent, the blockade, along with Operation Economic Outcast, will have a devastating impact on the already failing Iranian economy. He also claimed that the US had helped move 130 million barrels of oil through the Gulf over the past two weeks.

Bessent is set to attend a meeting of finance leaders from the Group of 20 major economies, where he will urge them to cut off Iran's economic lifelines. He will make direct requests to finance ministers to sever economic flows that sustain the Iranian regime and the Islamic Republic Guards Corps. According to Al-Monitor, the Trump administration aims to have the G20 agree on steps to boost economic growth and reduce global imbalances, while also pressuring them to cut off Iran's economic lifelines.

Bessent will hold bilateral meetings with foreign finance ministers to discuss Iran-related activity identified by the Treasury in specific countries. He will emphasize that the US will target any source of Iran's illegal income.

Brief written by urgent.news from Middle East Eye, Al-Monitor, FXStreet — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.