US Treasury Chief Says Iran Economic Pressure Is Delivering Results

US Treasury Secretary Scott Bessent has said Washington's economic pressure campaign against Iran is producing results, pointing to a growing list of countries that have moved to restrict business dealings with the Islamic Republic.

In a post on X, Bessent said Treasury officials had been dispatched around the world to press governments to act against Tehran after the launch of Operation Economic Outcast in August. The operation, described by the department as an unprecedented, whole-of-government economic campaign, targets Iran and the networks that enable it.

Bessent cited several measures taken by regional states. Turkiye and Oman have announced the suspension of Mahan Air flights to their territories, while the United Arab Emirates has halted all flights by Iranian airlines. Leading commercial banks in both the UAE and Turkiye have also stopped transacting with Iran, he said.

"We will continue working together as there is more to be done to prevent Tehran from carrying out its terrorist agenda," Bessent said.

According to the Treasury Department, the campaign is intended to cut the economic lifelines that sustain the Iranian government and the Islamic Revolutionary Guard Corps. Officials said they have mapped the networks, facilitators and financial channels Iran uses to smuggle oil, evade sanctions and fund what Washington calls its terrorist agenda, adding that they would be uncompromising in targeting sources of illicit revenue.

Bessent also shared commentary by economist Robin Brooks, a senior fellow at the Brookings Institution, who argued that Iran has lost leverage in any potential negotiations with the US President. Brooks said Iran's economy is in a state of deep decline and that it has lost control of the Strait of Hormuz, where tanker traffic is at its highest in months.

In his essay on the Iranian economy's deterioration, Brooks said the economic picture is worsening rapidly and that Washington has straightforward options to intensify Iran's isolation. He added that no regime remains in power indefinitely and that Iran's position is more fragile than commonly assumed.

The remarks come as the US President has rejected an Iranian proposal for a seven-day ceasefire to open talks on a possible peace plan, with the West Asia crisis showing no sign of easing.