Treasury Secretary Scott Bessent has officially launched “Operation Economic Fury,” a sweeping, aggressive campaign aimed at the total economic isolation of the Iranian regime. Describing the measures as the “financial equivalent” of a military bombing campaign, Bessent signaled a return to a strict “maximum pressure” stance, targeting illicit oil networks, terror financiers, and global banks that continue to facilitate Tehran’s activities. The announcement coincided with a massive enforcement action by the Office of Foreign Assets Control (OFAC), which sanctioned more than two dozen individuals, companies, and vessels. At the center of the crackdown is the multi-billion dollar petroleum empire of Mohammad Hossein Shamkhani, the son of the late senior Iranian security official Ali Shamkhani. According to the Treasury, the Shamkhani network has enmeshed itself in the global shipping industry using a sophisticated web of front companies in the United Arab Emirates, the Marshall Islands, and India. These firms, including Oriel Group and House of Shipping, allegedly provided a “veneer of legitimacy” while managing a shadow fleet that generates billions of dollars for both the Iranian and Russian regimes. “Treasury is moving aggressively with Economic Fury by targeting regime elites like the Shamkhani family that attempt to profit at the expense of the Iranian people,” Secretary Bessent stated. The operation also took aim at a complex “oil-for-gold” scheme involving Lebanese Hizballah financier Seyed Naiemaei Badroddin Moosavi. In coordination with Homeland Security Investigations (HSI), the Treasury revealed that Moosavi facilitated the smuggling of Iranian oil to the former Venezuelan regime under Nicolás Maduro in exchange for gold. This gold was then allegedly moved via Mahan Air to Hizballah members in Tehran before being laundered through Turkey. In a move that will likely tighten global energy markets, Bessent confirmed that the United States will not renew the general licenses that allowed for the purchase of Iranian and Russian oil. These waivers, which allowed “oil on the water” prior to March 11 to reach its destination, are set to expire on April 19, 2026. Bessent dismissed the need for further relief, arguing that the temporary measures intended to stabilize prices during recent regional conflicts have served their purpose. “All that oil has been used,” Bessent told reporters, signaling that the administration is no longer willing to tolerate leaks in the sanctions regime. Perhaps the most significant escalation of Operation Economic Fury is the administration’s willingness to deploy secondary sanctions. These measures target third-party entities — such as foreign banks — that do business with sanctioned Iranian actors, effectively forcing them to choose between the Iranian market and access to the U.S. financial system. Bessent revealed that the Treasury has already issued formal warnings to two major Chinese banks. Historically, China has purchased upwards of 90% of Iran’s exported oil. “If we can prove that there is Iranian money flowing through your accounts, then we are willing to put on secondary sanctions,” Bessent warned. He noted that the U.S. is seeking deeper cooperation from Gulf Cooperation Council (GCC) neighbors to freeze the assets of the Islamic Revolutionary Guard Corps (IRGC) and other leadership figures. Addressing concerns from the shipping industry regarding the volatile Strait of Hormuz, Bessent discussed a potential U.S. government reinsurance program. Highlighting that insurance rates from Lloyd’s of London remain “skyrocketing,” he suggested the U.S. could provide a “normalized level” of insurance to encourage commercial traffic once the lanes are declared safe. “Exactly,” Bessent replied when asked if this was an expansion of the war through economic rather than kinetic means. With over 1,000 entities sanctioned since the start of the current campaign, Operation Economic Fury marks the administration’s most decisive effort yet to bankrupt the Iranian state’s military and proxy capabilities.