WASHINGTON, AUG 14: US Treasury Secretary Scott Bessent threatened Thursday to subject Iran to economic isolation “like the world has never seen before,” adding that new measures are expected next week.

“It will be a combination of economic isolation, like the world has never seen before,” Bessent told conservative television network Newsmax, adding that “the continued blockade in the Strait of Hormuz… will keep anything from going in or out of the Iranian ports.”

“Watch this space for more announcements coming next week,” he said.

Bessent described a two-pronged approach featuring financial pressure and a physical blockade of the ports.

Vice President JD Vance said earlier that the top US priority in the Iran war was bringing oil and gasoline prices down for Americans, with preventing Tehran from acquiring a nuclear weapon now ranking second.

The tougher stance contrasts with remarks by Bessent on August 4, when he told CNBC that an agreement with Tehran to reopen the Strait of Hormuz could be reached within days.

Those comments sent Wall Street higher and oil prices lower.