The U.S. blockade is putting a chokehold on the Iranian economy.
Their economy was already bad before the war, which was one of the reasons they had people in the streets against the regime in January. But it’s gotten even worse as they’re losing an estimated $435 million in revenue a day because of the inability to ship things in and out from their ports.
Kharg Island oil production is a vital part of their economy, particularly for supporting the Iranian Revolutionary Guard Corps (IRGC). But because they haven’t been able to ship oil out, they are now, according to reports, about to run out of storage. That means they would have to stop pumping, and that could cause permanent damage to their system, and as well as deliver a big hit to their economy and the IRGC.
One way we know that’s true is is that the regime has now had to pull an old tanker out of mothballs into service to operate as floating storage. But that only buys them two days’ worth of storage, and the clock is ticking.
It’s not just the blockade, either. Then there’s Treasury Secretary Scott Bessent’s “Economic Fury” part, where he will be going after the regime’s money wherever he can.
READ MORE: Iran Scrambles As Blockade Bites: Regime Resorts to Rusting Tankers to Stay Afloat
Bessent Lands Another Crushing Blow Right on the IRGC
There’s a big update on how he’s following through and dropping the hammer on the regime.
Under Economic Fury, @USTreasury will continue to systematically degrade Tehran’s ability to generate, move, and repatriate funds.
Treasury’s Office of Foreign Assets Control is sanctioning multiple wallets tied to Iran — resulting in the freeze of $344 million in…
— Treasury Secretary Scott Bessent (@SecScottBessent) April 24, 2026
Under Economic Fury, @USTreasury will continue to systematically degrade Tehran’s ability to generate, move, and repatriate funds. Treasury’s Office of Foreign Assets Control is sanctioning multiple wallets tied to Iran — resulting in the freeze of $344 million in cryptocurrency. We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime.
Now, part of that is likely getting cooperation from Gulf states to find the funds, as Bessent had previously indicated. Funny how being fired on by Iran tends to make you want to be transparent about their accounts.
Bessent had also warned that they would be sanctioning anyone who continued to help prop Iran up.
The Treasury’s Office of Foreign Assets Control (OFAC) has also sanctioned a big Chinese company, and said on Friday they are targeting more.
Today, Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Hengli Petrochemical (Dalian) Refinery Co., Ltd., a China-based independent teapot refinery. China-based teapot refineries continue to play a vital role in sustaining Iran’s oil economy, and Hengli Petrochemical…
— Treasury Department (@USTreasury) April 24, 2026
Today, Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Hengli Petrochemical (Dalian) Refinery Co., Ltd., a China-based independent teapot refinery. China-based teapot refineries continue to play a vital role in sustaining Iran’s oil economy, and Hengli Petrochemical is one of Iran’s largest customers, having purchased billions of dollars’ worth of Iranian petroleum. Additionally today, OFAC is targeting around 40 shipping firms and vessels associated with Iran’s shadow fleet. Economic Fury continues to disrupt Tehran’s ability to generate the revenue that enables the regime’s reckless terrorist activities.
China buys about 90 percent of Iran’s oil.
Bessent said they would continue to ramp up the “financial stranglehold” and “constrict the network of vessels, intermediaries, and buyers Iran relies on to move its oil to global markets.” He warned that “any person or vessel facilitating these flows—through covert trade and finance—risks exposure to U.S. sanctions.”
The Iranian Foreign Minister Abbas Araghchi is in Islamabad, but he will not be talking with the American negotiating team, which is there. The Parliament Speaker Mohammad Bagher Ghalibaf didn’t go, amid reports that he’d resigned from the negotiating team. So there may be something to those reports.
Araghchi claimed that their neighbors were their “priority.”
Embarking on timely tour of Islamabad, Muscat, and Moscow.
Purpose of my visits is to closely coordinate with our partners on bilateral matters and consult on regional developments.
Our neighbors are our priority.
— Seyed Abbas Araghchi (@araghchi) April 24, 2026
If that were true, they wouldn’t have attacked their Gulf neighbors.
But if they don’t have any talks or deals, not only are they going to continue to be choked, but they are likely to get attacked again, now that the U.S. has the USS George H.W. Bush in the theater ready to go, joining the two other carriers that are already there.
Editor’s Note: For decades, former presidents have been all talk and no action. Now, Donald Trump is eliminating the threat from Iran once and for all.
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