Today’s briefing mainly focused on the benefits of President Trump’s signature tax cuts, though Iran and other issues were also on the press’s mind. Treasury Secretary Scott Bessent confirmed that Operation Economic Fury is part of the “kinetic operations” against the Iranian regime, aimed at applying pressure and squeezing that government as a deal seems likely. The United States blockaded the Strait of Hormuz, and the Iranians backed down from confronting it because they couldn’t.
Now, they’re at capacity at their refineries; there’s no space to store the oil, so they need to cut back on production. Meanwhile, every tanker is being redirected to the Gulf of America. Bessent also said that banks with Iranian assets could be targeted with sanctions, noting that two Chinese banks had been given notice to stop doing business with Tehran. The economic phase began yesterday (via NY Post):
The US warned Tuesday it will unleash full “Economic Fury” on Iran, ending a reprieve on sanctions of Tehran oil at sea and threatening to move against foreign banks that back Iran’s terror activities.
After the first day of the US blockade on the Strait of Hormuz, the US Treasury Department signaled that it will not renew a 30-day waiver of sanctions on Iranian oil at sea set to expire this week.
“Treasury is moving aggressively with Economic Fury, maintaining maximum pressure on Iran,” the agency said in a statement while referencing Operation Epic Fury, the current US military campaign in the Middle East.
“The short-term authorization permitting the sale of Iranian oil already stranded at sea is set to expire in a few days and will not be renewed,” the department said.
[…]
Along with ending the waivers, The Treasury Department also added pressure to countries and municipalities that host banks that allegedly help fund Iran.
“Financial institutions should be on notice that the department is leveraging the full range of available tools and authorities and is prepared to deploy secondary sanctions against foreign financial institutions that continue to support Iran’s activities,” it sid.
Bessent mentioned that once Tehran acts and the Strait of Hormuz is reopened, large-scale production can resume within a week. The White House Press Secretary also dismissed false reports about an extension of the ceasefire that ended this morning. It’s not happening, but the administration remains confident that a deal can be reached.
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