On August 14, 2026, U.S. Treasury Secretary Scott Bessent announced plans to intensify economic pressure on Iran, stating that new measures would be implemented next week. Bessent indicated that these actions would result in unprecedented economic isolation for Iran. He mentioned a combination of economic sanctions and a blockade in the Strait of Hormuz, which would restrict the movement of goods to and from Iranian ports.
Bessent's comments followed President Donald Trump's suggestion to shift from military action to economic pressure in the ongoing conflict with Iran. Trump noted that the naval blockade has worsened Iran's economic situation, which has seen significant inflation and financial difficulties. The blockade has reportedly cost Iran nearly $5 billion in oil revenue by early May 2026. Additionally, the head of the Iran-China Chamber of Commerce estimated that the blockade could lead to annual losses of $18 billion for Iran if it continues. War Secretary Pete Hegseth stated that the U.S. could maintain the naval blockade indefinitely. Majidreza Hariri, head of the Iran-China Joint Chamber of Commerce, warned against attempts to circumvent the blockade, citing past experiences with sanctions that led to economic weakening and corruption.