Washington, DC – In a significant escalation reflecting the peak of the “maximum pressure” campaign, US Treasury Secretary Scott Bisnett asserted that Iran’s oil industry is entering a phase of near collapse as a result of the comprehensive US naval blockade. In remarks to Fox News on Tuesday, April 28, 2026, Bisnett described Iran’s oil infrastructure as “crumbling.” He indicated that production has begun to decline and has shut down at several vital facilities.
Port paralysis and the “Kharg Island” scenario
The Treasury Secretary explained that the US Navy would not back down from its strict blockade of Iranian ports. He also revealed intelligence indicating that oil storage facilities on Kharg Island, Tehran’s primary export artery, would reach their maximum capacity within a few days. Bisnett warned that this buildup would force Iranian authorities to shut down what he described as “fragile” oil wells. This move could lead to permanent structural damage to those wells, potentially threatening a complete shutdown of pumping operations in the near future.
These escalating pressures target not only exports but also extend to the domestic sphere. The US Secretary of State predicted that Iran would face a “crippling gasoline crisis” that would paralyze traffic and services due to disruptions in supply chains and impede the flow of petroleum products.
“Economic anger” and targeting revenues
In a post on the X platform, Bessent emphasized that these measures fall under what he called “economic wrath,” a strategy aimed at reducing Tehran’s ability to generate, transfer, and manage funds.
He asserted that the restrictions imposed on maritime trade are directly focused on cutting off the regime’s main sources of income, thereby weakening its economic capabilities at all levels.
Trump and the Iranian proposals: The nuclear program first.
On the political front, Reuters quoted a senior US official as saying that President Donald Trump did not reject the latest Iranian proposals outright, but expressed his “dissatisfaction” with them.
The official explained that the core point of contention lies in the Iranian proposal’s omission of the nuclear program issue. This is the Trump administration’s top priority before discussing any easing of economic or military restrictions.
These moves are putting the Iranian economy to its toughest test in decades. This comes amid a US bet that simultaneous military and economic pressure will ultimately force Tehran to make significant concessions on its contentious issues.
