US readies new Iran penalties and backs Hormuz port blockade
What's next: The Treasury chief said further measures could come next week as Washington pairs financial pressure with a physical blockade.
The United States is preparing another round of pressure on Iran that Treasury Secretary Scott Bessent said could amount to economic isolation on a scale not seen before. In an Aug. 13 interview with Newsmax, Bessent said new steps are expected next week and described a two-track campaign: tighter financial restrictions and a blockade that would keep goods from entering or leaving Iranian ports through the Strait of Hormuz. The harder line marks a sharp turn from Bessent's Aug. 4 remarks to CNBC, when he said an agreement with Tehran to reopen the waterway could be reached within days. Vice President JD Vance also said lowering oil and gasoline prices for Americans was Washington's top priority, ahead of stopping Iran from getting a nuclear weapon.