Asheville, September 2, 2026 (Yes Punjab News)
US Treasury Secretary Scott Bessent has claimed that Iran is caught in an economic “death spiral”, arguing that mounting financial pressure and military operations will eventually push Tehran back to negotiations with Washington.
Speaking to reporters after the G20 Finance Ministers’ meeting in Asheville, Bessent said the United States had control of the Strait of Hormuz and rejected suggestions that Iran had succeeded in closing the strategically important waterway.
“Iran does not have control of the Strait, and they are in a death spiral. We have control of the Strait,” he said.
Bessent said limited US strikes had targeted radar equipment that Iran was attempting to rebuild near the Strait. He also claimed that around 17 million barrels of crude had passed through the waterway during the previous day, arguing that such movement demonstrated that Iran did not control the route.
The Treasury Secretary said Iran was increasingly resorting to military action as economic restrictions put growing pressure on its government. He pointed to fuel shortages and long queues inside the country, despite Iran possessing some of the world’s largest energy resources.
According to Bessent, mounting pressure could eventually lead to divisions within Iran’s Islamic Revolutionary Guard Corps (IRGC), public resistance or renewed negotiations with Washington.
He said US President Donald Trump believed an earlier memorandum of understanding had failed because Tehran was not prepared to reach an agreement.
Bessent also outlined US efforts to restrict Iran’s access to US dollars and disrupt channels used to convert payments received in Chinese renminbi. He said Washington was targeting banks, cash houses and supply networks involved in moving or converting the funds, including action against a Dubai-based bank the previous Friday.
He cited the sharp depreciation of Iran’s currency as further evidence of pressure on Tehran, saying it had weakened from around 800,000 to the dollar 16 months earlier to about 2.1 million.
Bessent acknowledged that Iran could launch further attacks as economic pressure intensified but maintained that its deteriorating financial position would eventually encourage Tehran to seek a deal.
The US has imposed successive sanctions on Iran’s oil sector, banking system and government institutions over its nuclear activities, ballistic missile programme and support for armed groups in the Middle East.
The Strait of Hormuz links the Persian Gulf with the Gulf of Oman and the Arabian Sea and serves as a critical route for oil and liquefied natural gas shipments from Gulf producers to global markets. Any prolonged disruption could therefore have significant implications for global energy supplies.
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