Benise Balaoing

Kashmiri Muslims conduct a donation drive for war-stricken Iran, collecting cash, gold, and other contributions amid the Middle East conflict, on the outskirts of Srinagar on March 23, 2026. Photo by Tauseef Mustafa/AFP

Article (news)

US threatens Iran with 'economic isolation, like the world has never seen'

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1786672887753iran.webp" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Kashmiri Muslims conduct a donation drive for war-stricken Iran, collecting cash, gold, and other contributions amid the Middle East conflict, on the outskirts of Srinagar on March 23, 2026. Photo by Tauseef Mustafa/AFP</span></span></span></div><p>WASHINGTON -- US Treasury Secretary Scott Bessent threatened Thursday to subject Iran to economic isolation &quot;like the world has never seen before,&quot; adding that new measures are expected next week.</p><div><a href="https://www.abs-cbn.com/news/world/2026/8/13/trump-low-key-bets-on-economic-pressure-against-iran-0803" rel="noopener noreferrer" target="_blank">Trump &#x27;low-key&#x27; bets on economic pressure against Iran</a></div><p>&quot;It will be a combination of economic isolation, like the world has never seen before,&quot; Bessent told conservative television network Newsmax, adding that &quot;the continued blockade in the Strait of Hormuz... will keep anything from going in or out of the Iranian ports.&quot;</p><p>&quot;Watch this space for more announcements coming next week,&quot; he said.</p><p>Bessent described a two-pronged approach featuring financial pressure and a physical blockade of the ports.</p><p>Vice President JD Vance said earlier that the top US priority in the Iran war was <a href="https://www.abs-cbn.com/news/world/2026/8/14/vance-says-low-oil-prices-are-top-us-goal-in-iran-conflict-0837" rel="noopener noreferrer" target="_blank">bringing oil and gasoline prices down</a> for Americans, with preventing Tehran from acquiring a nuclear weapon now ranking second.</p><div><a href="https://www.abs-cbn.com/news/world/2026/8/14/-no-substitute-kuwait-s-future-tied-to-hormuz-strait-fate-0937" rel="noopener noreferrer" target="_blank">&#x27;No substitute&#x27;: Kuwait&#x27;s future tied to Hormuz strait fate</a></div><p>The tougher stance contrasts with remarks by Bessent on August 4, when he told CNBC that an agreement with Tehran to reopen the Strait of Hormuz could be reached within days.</p><p>Those comments sent Wall Street higher and oil prices lower.</p>

<p>US Treasury Secretary Scott Bessent threatened to subject Iran to economic isolation "like the world has never seen before," adding that new measures are expected next week.</p>

US Treasury Secretary Scott Bessent threatened to subject Iran to economic isolation "like the world has never seen before," adding that new measures are expected next week.