Symbolic imageUS readies unprecedented Iran isolation package as crude slips
Washington will unveil measures next week amounting to economic isolation 'like the world has never seen' against Iran, Treasury Secretary Scott Bessent says. Crude held its decline as a Hormuz deal stayed elusive.
Bessent said on Thursday, 13 August, on Newsmax that the measures would combine with the naval blockade of the Strait of Hormuz, which he said keeps anything from moving in or out of Iranian ports. He gave no details, saying only that Washington had gone from Epic Fury, its military operation against Iran, to 'economic fury', raised again on the president's orders. Vice President JD Vance told Fox News that the first goal is cheap oil and gas for Americans, the second that Iran never acquires a nuclear weapon.
Markets price in a longer standoff
Bloomberg reported on Friday that crude held its drop as a Hormuz deal stayed elusive and ship attacks persisted, a day after the Wall Street Journal noted futures pulling back from several days of gains. OPEC lowered its 2026 demand growth forecasts, Global Times reported.
How much oil still crosses
US Energy Secretary Chris Wright told Fox News that eight to nine million barrels a day still transit the strait, disputing ship-tracking figures relayed by TASS from the Wall Street Journal: an average 26 crossings a day in July, 14 on Tuesday.
Other opinions
TASS foregrounds Washington's dispute with ship-tracking data on oil flows, while Global Times reports only OPEC's weaker demand outlook.