Washington prepares tougher economic pressure campaign against Iran

Friday 21 August 2026 - 09:05

By: Azzat Manal

Washington prepares tougher economic pressure campaign against Iran

The United States is preparing a broad new economic pressure campaign against Iran, with Treasury Secretary Scott Bessent warning that Washington could impose some of the toughest sanctions ever announced as part of efforts to isolate Tehran financially.

Speaking to CNBC, Bessent said the administration of President Donald Trump intends to intensify economic measures against Iran and coordinate the campaign with U.S. allies. The objective, according to the U.S. official, is to reduce Iran’s ability to finance its activities and potentially limit the risk of further military escalation.

The planned measures could target governments, companies and financial institutions that continue doing business with Iran. Bessent specifically referred to transactions involving Iranian oil, financial transfers and maritime transportation, warning that entities involved in such activities could face severe U.S. penalties.

Washington is also seeking greater international cooperation in enforcing the restrictions. Bessent indicated that the United States would press its partners to take a clear position on the campaign, while emphasizing that the economic pressure would be applied alongside other measures targeting Iran.

The Strait of Hormuz is another major concern. The strategic waterway is one of the world's most important routes for energy shipments, and prolonged disruption could have significant consequences for global oil markets and international trade. The U.S. administration has argued that reopening the strait is in the interests of all major economies, including China.

President Donald Trump has separately called for an intensified campaign to cut off Iran's economic lifelines. He has warned financial institutions, companies, airports and government bodies against providing assistance to Tehran and has threatened substantial economic consequences for those that circumvent the restrictions.

The proposed campaign would also focus on methods used to evade sanctions, including oil smuggling, barter arrangements, cash transfers and the use of shell companies. Washington says these channels have allowed Iranian trade and financial activity to continue despite previous restrictions.

U.S. officials argue that stronger economic pressure could weaken Tehran's capacity to support regional partners and finance activities Washington considers destabilizing. Iran, however, has consistently rejected U.S. pressure and sanctions and disputes Washington's characterization of its regional policies.

The latest escalation comes amid continuing tensions surrounding Iran, energy security and the future of the Strait of Hormuz. Any prolonged disruption to the waterway could put additional pressure on energy prices and increase uncertainty for economies that depend heavily on Middle Eastern oil supplies.

The economic campaign also carries domestic political implications for the United States. With the 2026 midterm elections approaching, the administration faces scrutiny over the economic cost of the conflict, potential effects on American consumers and the broader consequences of continued military and economic confrontation.

Further details of the planned measures are expected to be presented by the U.S. Treasury Department, as Washington seeks to build a wider international coalition around its strategy of economic isolation.