On Thursday, U.S. Treasury Secretary Scott Bessent vowed to intensify economic pressure on Iran as a naval blockade curbs its oil exports, the rial tumbles and Tehran warns of possible renewed military confrontation.

US Targets Iran's Financial Lifelines

Bessent said that Washington would continue its campaign until Iran loses the financial resources sustaining its military activities.

"The noose is tightening around Iran's economy," Bessent wrote on X, adding that even Tehran's allies could not rescue it.

The noose is tightening around Iran's economy, and not even Iran's so-called allies can save it. The Department of the Treasury will not relent until the Iranian regime's coffers are empty and every remaining financial lifeline sustaining its war machine has been severed. https://t.co/T4ZPEZCIuq

— Treasury Secretary Scott Bessent (@SecScottBessent) October 15, 2026

He was sharing a Treasury Department statement announcing action against an Iraqi bank allegedly helping Iran access the international financial system and supporting Iranian-backed militia groups.

Today, as part of Operation Economic Outcast, Treasury disrupted Iran's efforts to infiltrate the international financial system through an Iraqi bank that also supports Iran's terrorist proxy militia groups. By dismantling these institutions—including offshore banks and shadow…

— Treasury Department (@USTreasury) October 15, 2026

The department said its campaign, Operation Economic Outcast, targets offshore banks, shadow financiers, shell companies and foreign-exchange intermediaries accused of moving hundreds of millions of dollars across the Middle East and Asia.

Announced by Bessent on Aug. 24, the initiative seeks to sever Iran's remaining financial and commercial connections to the global economy.

Bessent has confirmed sanctions against nearly 60 entities, individuals and vessels linked to Iran's nuclear, missile, cyber and oil networks.

Iran's Oil Exports Halt as Rial Weakens

The U.S. pressure comes as Iran faces a naval blockade aimed at cutting its oil revenue and restricting access to international markets.

According to energy intelligence platform Vortexa, Iran's seaborne crude exports fell to zero in the second week of September, down from a 14-day average of 230,000 barrels per day at the start of the month.

Shipments remained at zero as of Oct. 5, Reuters reported.

The report noted that the Iranian rial has also lost nearly 35% of its value against the dollar since July, citing currency tracker Bonbast.

However, Iran's central bank governor rejected claims that the country's economy was collapsing, saying this at an International Monetary Fund meeting in Bangkok on Wednesday.

Tehran Warns of Possible US Attack

Meanwhile, Iranian Brig. Gen. Hossein Mohebbi warned that Tehran was prepared to respond to any renewed U.S. attack. He also suggested President Donald Trump could strike before the Nov. 3 midterm elections.

Trump has said the U.S. would not resume attacks before the election.

WTI crude oil fell 0.33% to $97.65 per barrel, while Brent crude declined 0.22% to $105.69 per barrel at the time of writing.

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