Any individuals or vessels involved in facilitating Iran’s financial or oil trade networks could face US sanctions, the US Treasury Secretary has warned.
The US will continue a naval blockade of Iran’s ports while intensifying financial pressure aimed at crippling the country’s oil-driven economy, Scott Bessent, the Secretary of Treasury said on Wednesday.
"In a matter of days, Kharg Island storage will be full, and the fragile Iranian oil wells will be shut in. Constraining Iran’s maritime trade directly targets the regime’s primary revenue lifelines," he said on X.
He added that his department will continue implementing what he called a “maximum pressure” campaign to disrupt Iran’s ability to generate, transfer and repatriate funds.
"Any person or vessel facilitating this flow through covert trade and finance risks exposure to US sanctions. We continue to freeze the funds stolen by the corrupt leadership on behalf of the people of Iran," he wrote.
Oil prices on Tuesday saw an extremely volatile session as President Donald Trump announced a two-week ceasefire with Iran would be extended, while Washington keeps its naval blockade in place.
Earlier, Trump said that Iran wants to keep the Strait of Hormuz closed to "save face".
"Iran doesn’t want the Strait of Hormuz closed; they want it open so they can make 500 million dollars a day. They only say they want it closed because I have it totally blockaded (closed!), so they merely want to 'save face', Trump said.
Trump announced that the US would extend its ceasefire with Iran to allow time for Tehran to prepare a "unified proposal" following a request by mediator Pakistan.
Pakistan hosted talks between the US and Iran on April 11-12 after brokering a two-week ceasefire on April 8, which had been set to expire on Wednesday evening, Washington, DC time.
Efforts for another round of negotiations are underway, though uncertainty remains.
