US announces plans for unprecedented economic isolation of Iran

On Thursday, August 13, 2026, U.S. Treasury Secretary Scott Bessent announced that the United States is preparing a new set of measures to impose "unprecedented" economic isolation on Iran. Speaking to Newsmax, Bessent stated that these upcoming actions, which will be detailed next week, are intended to complement the ongoing physical blockade of Iranian ports in the Persian Gulf. This strategy serves as a direct retaliatory response to Tehran’s decision to close the Strait of Hormuz, a critical maritime corridor for global hydrocarbon trade.

Bessent described the administration's dual-track approach as a combination of financial asphyxiation and naval containment. Drawing comparisons to past U.S. policies, he claimed that similar tactics led to the rapid collapse of the Venezuelan economy. While the specific nature of the new measures remains undisclosed, the Treasury Secretary emphasized that the U.S. remains committed to preventing any movement in or out of Iranian ports. U.S. Vice President J.D. Vance also alluded to these developments in a separate appearance on Fox News, signaling a coordinated administrative effort to pressure Iran through comprehensive economic and physical constraints.