In a significant escalation of tensions, US Treasury Secretary Scott Bessent issued a stark warning to Tehran on Thursday, June 11, 2026, indicating severe economic repercussions for any attacks on American interests or allies in the Gulf region. Bessent explicitly stated that any damage inflicted would be paid for with funds extracted from Iranian accounts, emphasizing that Iran's actions would only deepen its economic and financial isolation.
The Treasury Secretary conveyed his message via a strongly worded post on X, asserting that the Iranian regime was engaged in a "zero-sum game" it was destined to lose. He specifically mentioned that any tolls demanded by the Persian Gulf Strait Authority would also be offset by funds seized from Iranian holdings, underscoring a comprehensive strategy to impose economic consequences.
Trump Threatens Major Military and Economic Action
This economic warning from the Treasury Department comes amidst heightened military posturing. Earlier the same day, US President Donald Trump threatened major military action against Iran. In a separate social media post, Trump indicated plans for the United States to take total control of key parts of Iran's energy sector, specifically mentioning the strategically vital Kharg Island oil terminal.
President Trump's statement warned that the US would strike Iran "VERY HARD TONIGHT" and would "assume total control" of Iran's oil and gas industries in the "not too distant future." He drew a comparison to the US's approach in Venezuela, where it assumed control of the country's oil sector after the capture of then-President Nicolás Maduro.
Escalating Military Exchanges in the Gulf
The latest threats from Washington followed a second consecutive day of direct military exchanges between the United States and Iran. Reports indicated that American strikes continuing into Thursday morning were broader and more intense than previous operations. In response, Iran reportedly fired missiles at targets in Kuwait, Bahrain, and Jordan, further escalating the regional conflict.
Kharg Island, located in the Persian Gulf, has emerged as a central point of contention in the confrontation. The island is crucial to Iran's economy, handling approximately 90 percent of the country's oil exports. Its strategic importance is magnified by the fact that much of Iran's coastline is too shallow to accommodate large oil tanker ships, making Kharg Island the backbone of its oil industry.