Kharg Island oil traffic halted by US economic offensive, Treasury chief says

United States Treasury Secretary Scott Bessent has declared that Iran's primary crude exporting infrastructure has been brought to a virtual standstill, arguing that an aggressive economic campaign by Washington has severed the country's main financial source.

In a statement posted Thursday on social media platform X, Bessent pointed to a marked absence of tanker traffic around Kharg Island, Iran's key maritime loading hub in the Persian Gulf. Accompanying his post with video footage, Bessent contrasted previous scenes of vessels crowding the terminal with recent views showing empty waters, describing the site as a symbol of the Tehran government's failure and accusing the leadership of punishing everyday Iranians through belligerence.

Bessent asserted that the initiative, designated Operation Economic Outcast, is deliberately calibrated to exhaust Tehran's treasury. He said the effort is meant to halt the financing of regional instability, weapons procurement, and the leadership circles of the Islamic Revolutionary Guard Corps.

The Treasury Department first unveiled Operation Economic Outcast on August 24, 2026, aiming to dismantle Iran's oil export avenues, financial corridors, and sanctions-evasion operations. According to the department, authorities have been tracking the intermediaries, networks, and conduits used to transfer funds and illicit energy shipments. Washington has coordinated enforcement with international partners, including the European Union, the United Kingdom, and regional governments in the Gulf.

The economic penalties have also broadened compliance risks for third-party entities and foreign individuals. The Treasury warned that any business or person assisting Iran with money laundering or bypassing restrictions faces expulsion from the United States financial ecosystem, alongside faster enforcement measures.

Alongside diplomatic and economic tools, maritime operations have exerted severe pressure on Tehran's sea trade. United States Central Command stated that a 100-day naval blockade has stopped almost all maritime commerce heading to and from Iran, making exceptions solely for authorized humanitarian supplies. CENTCOM reported that these naval interdictions have prevented the Iranian regime from shipping at least $25 billion worth of crude oil to foreign buyers.