US Treasury Secretary Bessent announces new Iran sanctions after Hormuz attacks
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U.S. Treasury Secretary Scott Bessent said Washington will impose economic measures against Iran next week that he called unprecedented in the history of economic isolation. The announcement followed attacks on two Abu Dhabi National Oil Company vessels in the Strait of Hormuz, which the UAE blamed on Iran. Tehran renewed restrictions on transit and did not comment on the accusations.
The Hormuz Attacks
On the evening of August 13, two vessels belonging to Abu Dhabi National Oil Company were attacked while transiting the Strait of Hormuz, Reuters reported. UAE authorities blamed Iran for the attacks; Tehran did not comment. Kpler data showed nine vessels transited the strait on August 13, five on Wednesday, compared with more than 130 daily before the war. Almost no vessel movement was visible on the morning of August 14.
U.S. Sanctions and Blockade
Defense Secretary Pete Hegseth said the U.S. fleet can maintain the blockade of Iran almost indefinitely by rotating ships. Washington restored restrictions on Iranian shipping and ports after a brief easing in June. Treasury Secretary Scott Bessent announced that new economic measures against Tehran will be introduced next week, calling them measures never before used in the economic isolation of any country. President Donald Trump has also left open the possibility of new strikes on Iran, though recent statements point to economic pressure as the main focus.
Iran's Transit Restrictions
Iran has renewed attacks on vessels that Tehran says attempt to transit without its permission. Control over the Strait of Hormuz remains one of Iran's main levers of pressure; before the war, about one-fifth of the world's oil and liquefied natural gas passed through the route. Iran's parliamentary committee has approved a plan to ban passage of ships, assets and equipment of the United States, Israel and other countries Tehran considers hostile. Tehran says it will not fully open the strait until sanctions are lifted and Iranian assets are unfrozen.
What's Next
Washington is set to detail the new economic measures next week, according to Treasury Secretary Scott Bessent. It remains unclear whether Tehran will ease its transit restrictions or reach a safe commercial shipping agreement with Oman before the measures take effect.
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US Treasury Secretary Bessent announces new Iran sanctions after Hormuz attacks
