• Treasury Secretary Scott Bessent said the U.S. will maintain economic pressure on Iran, declaring "we will keep squeezing Iran" as the campaign remains in place.
  • Treasury's campaign now aims to force Tehran to stop attacks on shipping and reopen the Strait of Hormuz, alongside a U.S. naval blockade of Iranian ports, according to Reuters (NASDAQ:TRI).
  • Oil markets remain volatile as traders weigh supply disruption risks against hopes of de-escalation.

A Steady Squeeze

U.S. Treasury Secretary Scott Bessent said Washington intends to keep squeezing Iran economically, affirming that the administration’s pressure campaign remains in full force. In an interview with CNBC (NASDAQ:VSNT), Bessent emphasized that the U.S. will continue to target Iran’s overseas financial and commercial networks, pairing sanctions with a naval blockade to deny Tehran revenue and force concessions.

The policy, dubbed “Operation Economic Outcast,” was launched in August and has since expanded to include secondary sanctions on foreign businesses that facilitate Iranian commerce. The Treasury claims the campaign is weakening Iran’s economy, though that assessment is an administration assertion not independently verified.

Pressure Campaign Expands

Bessent has declared that the U.S. “will keep squeezing Iran,” according to the latest message, signaling that Washington intends to sustain and tighten the pressure campaign even as military activity may subside. Reuters reports that the campaign aims to force Tehran to stop attacks on shipping and reopen the Strait of Hormuz, alongside a U.S. naval blockade of Iranian ports; AP also identifies concessions over Iran’s nuclear program as an administration objective.

Treasury’s latest listed actions include a November 4 operation against a global maritime-fraud network, followed on November 6 by sanctions against eight Canadian money-services businesses and an action severing MEXC Global’s access to the U.S. financial system. These show the campaign extending beyond Iran to intermediaries abroad. Regional pressure is producing some tangible restrictions: AP reports that the United Arab Emirates and Turkey have curtailed Iranian banking activity, while Iranian airlines have lost access to important regional routes.

Security Concerns Mount

Bessent has moved to a military base following reported Iranian threats against him, CNBC confirmed through a person familiar with the situation. Treasury said Bessent “will not be deterred.” The relocation underscores the personal risks facing U.S. officials as tensions remain high.

Separately, the Justice Department announced terrorism-related indictments against three Iranian nationals over alleged attacks and attempted attacks in Europe and the United States. Those charges remain allegations.

Markets on Edge

Oil markets continue to balance disruption risks against hopes of de-escalation. In early Asian trading on November 12, Brent crude was about $92.46 a barrel and WTI about $86.39—dated observations that reflect the market’s sensitivity to the conflict. Increased production elsewhere, including a 26% rise in Saudi output in October, has partially offset concerns.

The campaign’s reach extends to oil purchases, transport, banking, shipping, aviation, technology, gold, and digital assets. In September, sanctions hit Turkey-based Golden Global Bank and its subsidiaries, as well as the Dubai branches of Egypt’s Banque Misr, illustrating how enforcement can reach institutions in countries with important ties to Washington. Bessent has warned that Chinese institutions would not automatically be exempt.

Diplomacy in Limbo

Diplomatic efforts remain uncertain. President Donald Trump has described “positive momentum” toward ending the conflict, but Iranian security chief Mohsen Rezaei has denied that negotiations are underway. Rezaei also rejected the transfer of Iranian enriched nuclear material abroad and warned of consequences from fresh U.S. strikes.

The nuclear dispute remains a central obstacle, helping explain why economic pressure continues even as Washington discusses an eventual end to military operations. Secretary of State Marco Rubio has suggested further military action may be unnecessary if sanctions and the blockade work.

The Human and Economic Toll

Inside Iran, officials describe shrinking economic activity, currency weakness, and deteriorating living standards. The administration’s stated objective includes cutting resources available to the Islamic Revolutionary Guard Corps, though reporting does not establish how much pressure falls on that institution versus ordinary households. Consumers and businesses outside Iran remain exposed to energy-price volatility, with the war-related oil-price spike a key economic and political consequence.

The main debate is whether escalating economic pressure can deliver concessions without renewed major warfare—and whether its civilian costs are justified. U.S. officials argue the strategy is working; Iranian officials dispute Washington’s diplomatic narrative and remain publicly resistant on nuclear concessions. As Bessent put it, the squeeze will continue.