ERBIL, Kurdistan Region of Iraq – The US Treasury said on Wednesday that it has targeted Iran’s financial and oil networks, disrupting billions of dollars in revenue, and warned that storage constraints at Kharg Island could lead to an additional $170 million lost per day.

“The Treasury Department, through Economic Fury, has targeted Iran’s international shadow banking infrastructure,” Treasury Secretary Scot Bessent wrote on X, adding that “these actions have disrupted tens of billions of dollars in revenue that would be used to fund terrorism.”

The networks involve digital currency access, shadow fleet, weapons procurement networks, funding armed proxy groups in the region, as well as teapot refineries in China that the secretary claims fund Iran’s oil trade.

Bessent asserted that the Kharg Island, Iran’s main hub for oil exports, is nearing storage capacity, prompting a decline in oil production and “resulting in an additional approximately $170 million per day in lost revenue.”

He added that under US President Donald Trump’s “maximum pressure” campaign on Tehran, the country’s inflation has “doubled” and its currency has “rapidly depreciated.”

Washington has sought to pressure Iran’s oil revenues through a naval blockade targeting Iranian ports, alongside interdictions aimed at preventing Iranian vessels from shipping oil to customers.

This week alone, the US has interdicted at least two Iranian vessels carrying each 1.9 million barrels of Iranian oil, under the seizure warrant of US Attorney Jeanine Pirro’s office.

Iranian foreign ministry spokesperson Esmail Baghaei called the development “outright legalization of piracy and armed robbery in the high seas,” in an X post on Tuesday, calling for the US to be held “fully accountable for this brazenly lawless behavior.”

On Tuesday, Bessent claimed that “Iran’s creaking oil industry is starting to shut in production thanks to the US BLOCKADE,” further asserting that oil pumping “will soon collapse.”