US Ramps Up Pressure on Iran, Targets Global Oil Trade Links

The Trump administration has intensified its economic offensive against Iran, signalling a tougher stance that could impact countries and financial institutions involved in Iran’s oil trade.

US Treasury Secretary Scott Bessent described the move as part of an expanded strategy dubbed “Operation Economic Fury,” aimed at tightening financial restrictions and increasing geopolitical pressure. According to him, Washington has already been enforcing “maximum pressure” by blocking financial flows into Iran and targeting accounts linked to the Islamic Revolutionary Guard Corps (IRGC).

The US is now urging partner nations to go further by freezing assets tied to Iranian leadership. Bessent made it clear that countries continuing to engage with Iranian oil exports could face secondary sanctions—penalties that extend beyond Iran to third-party nations and banks.

“We have told countries that if you are buying Iranian oil, or if Iranian funds are held in your banks, we are prepared to act,” he said, describing the step as a “very stern measure.”

In a sign that enforcement is already underway, Bessent revealed that warnings have been issued to financial institutions, including banks in China. He added that stricter action would follow if Iranian funds are found moving through these systems.

The administration is also tightening energy-related restrictions, with plans not to renew certain licenses that previously allowed limited Iranian oil transactions. This move is expected to further restrict Tehran’s ability to generate revenue from global energy markets.

Officials linked the escalation to recent regional tensions, noting that Iran’s actions have influenced neighbouring Gulf countries to increase cooperation in tracking financial flows. These developments, according to Washington, are strengthening the effectiveness of the sanctions regime.

Meanwhile, White House Press Secretary Karoline Leavitt said the measures are part of a broader long-term strategy. While acknowledging short-term disruptions, she emphasised that the goal is to achieve sustained geopolitical and security outcomes.

The US has indicated that this economic pressure campaign will continue alongside diplomatic efforts, using sanctions as leverage while negotiations with Iran remain ongoing.

With inputs from IANS