Iran Faces 'No Oil' Scenario as US Tightens Pressure

U.S. Treasury Secretary Scott Bessent warned that Iran could face severe consequences due to increased pressure from the Trump administration. In a statement, Bessent said Iran would 'for the first time in history' have no oil on the water and no oil revenue this week. This assessment comes as part of a broader U.S. campaign targeting Iranian oil sales, shipping networks, and financial channels that Washington says support the Iranian government and its military.

The Treasury Department has recently expanded sanctions and financial restrictions targeting networks involved in Iranian oil sales and sanctions evasion. On October 1, the Treasury announced action against the A7 Network, a shadow-banking network with links to Russia that provided channels for Iranian entities to move funds. The department said one network sub-agent had directly transacted with entities involved in Iran's so-called shadow fleet, which transports and sells Iranian oil.

The administration has repeatedly targeted Iran's petroleum sector, sanctioning additional individuals and entities involved in Iranian military oil sales in May. Bessent stated at the time that Washington would continue increasing pressure on Iranian oil sales. The latest comments point to a continued focus on the intersection of Iran oil exports, sanctions, and government revenue.