U.S. Treasury Secretary Scott Bessent issued a latest statement on Thursday, May 28 regarding ongoing U.S. efforts to further weaken Iran’s economy.
He said that while peace negotiations between Iran and Washington continue, “Operation Economic Fury” remains in full force, and announced a new round of sanctions targeting matters related to the Strait of Hormuz.
Bessent posted on the social media platform X: “Their troops are not getting paid, the police are not showing up for work, and Kharg Island is shut down. The Iranian economy and currency are in free fall.”
He continued: “Iran’s Persian Gulf Strait Authority (PGSA) is a joke, and today Treasury has sanctioned it. We have warned any corporate or state entities against paying tolls or hiding them as aid payments.”
He also said the sanctions will extend to air routes. “Forming a Wall of Steel, the U.S. Naval Blockade has ensured a record low amount of Iranian crude on the water. We will also be shutting down both Iranian airlines’ access to landing spots, refueling, and ticket sales.”
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Bessent emphasized that only after negotiations achieve a “satisfactory outcome” would the U.S. consider ending its current comprehensive economic pressure campaign on Iran.
Shortly before his statement, Iran partially restored internet services this week. Observers believe this was a concession aimed at maintaining economic activity.
US Treasury warns Oman over Strait of Hormuz toll plan
Meanwhile, the Trump administration on Thursday also publicly warned Oman not to participate in any toll system for the Strait of Hormuz.
Reports had previously suggested Iran and Oman were discussing jointly charging transit fees for ships passing through the Strait of Hormuz. Trump also issued a warning during a Cabinet meeting at the White House.
Bessent reiterated that the U.S. would not support any tolling system in the Strait of Hormuz.
He wrote: “The United States Government will not tolerate any effort to impose a tolling system in the Strait of Hormuz. Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved — directly or indirectly — in facilitating tolls for the Strait and any willing partners will be penalized.”
He added: “All nations should flatly reject any effort by Iran to disrupt the free flow of trade. Tehran’s days of terrorizing the region and the world are over.”
