US Treasury chief says Iran faces largest economic isolation in history

WASHINGTON, United States — WASHINGTON — US Treasury Secretary Scott Bessent said Thursday that economic isolation imposed on Iran would be "the largest in history," calling on allies and countries worldwide to halt business with the Iranian regime. Bessent said the United States controls the Strait of Hormuz, through which large volumes of oil transit, and added that the toughest sanctions on Iran would be enforced and would lead to the regime's collapse. President Donald Trump announced on Truth Social that Iran had been given a major opportunity to reach a deal but failed to seize it, and said the "harshest economic operation" ever imposed on any country had been launched. Trump warned that nations supporting Iran through financial institutions, companies, airports or official bodies would face "massive economic consequences." Iran's Foreign Ministry said Thursday afternoon that those who prepare and enforce the sanctions plan will bear the consequences of their actions. No further details on the scope or timing of the measures were immediately available.