Bessent: Iran's Economy Is Collapsing - and More Pain Is Coming

As we reported, a Memorandum of Understanding (MOU) has reportedly been reached by negotiators between Iran and the U.S., but it hasn't been approved by President Donald Trump. We'll keep you apprised on that, but so far, the White House hasn't confirmed anything.

Iran was trying to float a fake MOU that the White House had called out the day before, but this new report was allegedly based on U.S. officials and not Iran.

Iran Tries Another Slick Move With Report on What's in Deal - White House Decimates Their Claims

In any event. Treasury Secretary Scott Bessent explained that Operation Economic Fury had led to some big consequences in Iran and more was on the way. Their economy was in "free fall," Bessent explained.

The @USTreasury continues our Economic Fury campaign against the Iranian regime.

Their troops are not getting paid, the police are not reporting for work, and Kharg Island is shut down. The Iranian economy and currency are in free fall.

Iran’s Persian Gulf Strait Authority…
— Treasury Secretary Scott Bessent (@SecScottBessent) May 28, 2026

Their troops are not getting paid, the police are not reporting for work, and Kharg Island is shut down. The Iranian economy and currency are in free fall.

Bessent mocked the Iranian effort to control the Strait and try to charge for it.

Iran’s Persian Gulf Strait Authority (PGSA) is a joke, and today Treasury has sanctioned it.
We have warned any corporate or state entities against paying tolls or hiding them as aid payments.
Forming a Wall of Steel, the U.S. Naval Blockade has ensured a record low amount of Iranian crude on the water. We will also be shutting down both Iranian airlines’ access to landing spots, refueling, and ticket sales.
Only a satisfactory outcome in negotiations will end the downward spiral.

Bessent also warned Oman against joining with Iran in trying to impose any kind of a fee structure on ships for transiting the Strait. He confirmed the U.S. would not be supporting or agreeing to any such thing.

The United States Government will not tolerate any effort to impose a tolling system in the Strait of Hormuz. Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved - directly or indirectly - in facilitating tolls for the Strait and…
— Treasury Secretary Scott Bessent (@SecScottBessent) May 28, 2026

The United States Government will not tolerate any effort to impose a tolling system in the Strait of Hormuz. Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved - directly or indirectly - in facilitating tolls for the Strait and any willing partners will be penalized. All nations should reject outright any efforts by Iran to disrupt the free flow of commerce. Tehran’s days of terrorizing the region and the world are over.

Bessent also dealt with the question at the White House briefing.

.@SecScottBessent: @POTUS has made it very clear. Iran has to turn over their highly enriched uranium. They can not pursue a nuclear weapon, and the Strait of Hormuz has to have free transit. He’s not going to take a bad deal. He's going to make a great deal for the American… pic.twitter.com/vYihwFfxfq
— Rapid Response 47 (@RapidResponse47) May 28, 2026

He said that there had to be free transit. He also confirmed he spoke to the Omani ambassador, who said they had no plans for tolls (no matter what Iran was saying) and they wanted good relations. Bessent said he told him it would be a "non-starter."

The regime has even had to partially lift the internet blackout because they were in such economic trouble.

Editor's Note: For decades, former presidents have been all talk and no action. Now, Donald Trump is eliminating the threat from Iran once and for all.

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