On Tuesday evening, President Trump stated that the blockade of the Strait of Hormuz has caused Iran to lose 500 million dollars each day and is facing a “financial collapse.” However, he emphasized that if the strait were to be reopened during the ceasefire, it would never be possible to reach an agreement with Iran.
According to a post on the “Truth Social” platform, Trump mentioned, “They (Iran) want to open the Strait of Hormuz immediately – they urgently need money! They are losing 500 million dollars each day.”
He continued, saying, “Military and police personnel are complaining that they are not receiving their salaries. SOS!!”
These remarks echoed a previous post by Trump earlier that Tuesday. The President had stated, “Iran doesn’t want to close the Strait of Hormuz; they want to keep it flowing so they can earn 500 million dollars every day (if the strait is closed, they will lose this money!).”
He added, “They only say they want to close the strait because I totally blocked it (closed it!), so their statement is just to ‘save face.'”
The President further said, “Four days ago, someone came to me saying, ‘Sir, Iran wants to immediately reopen the strait.’ But if we do that, we will never reach an agreement with Iran unless we destroy the rest of Iran, including their leadership!”
Earlier in the day, Trump announced an indefinite extension of the ceasefire with Iran to allow for more time for diplomatic efforts. However, the blockade of Iranian ports will continue during this period. He explained that Pakistan had requested a delay in the U.S. attack plan on Iran so that Iranian leaders and representatives could formulate a unified plan.
On Tuesday, Treasury Secretary Bennett also stated that the oil storage facilities on Kharg Island, Iran, will reach saturation within a few days. He emphasized that the United States will continue to block ships entering and exiting Iranian ports, along with other measures aimed at weakening the economic strength of the Iranian regime.
“As explicitly stated by the U.S. President, the U.S. Navy will continue to block Iranian ports. In a few days, the (oil) storage facilities on Kharg Island will reach saturation, and the fragile Iranian oil wells will be shut down,” Bennett stated on the X platform.
“Restricting Iranian maritime trade will directly hit the regime’s major source of income. The U.S. Treasury Department will continue to apply maximum pressure through the ‘Economic Fury’ plan, systematically weakening Tehran’s ability to raise, transfer, and repatriate funds,” he added.
Bennett also warned that anyone aiding Iran may face sanctions. “Anyone engaging in clandestine trade and financing activities to assist in these fund flows may face the risk of U.S. sanctions,” he said.
Most of Iran’s energy production is concentrated on Kharg Island. During times of war, Iran can still produce and sell a significant amount of oil. If the blockade proves effective, Iran’s oil reserves will soon run out. According to JPMorgan Chase data, Iran may have to cut or halt oil production. Crude oil exports represent 80% of Iran’s export revenues.
“We will continue to freeze the funds stolen by the corrupt Iranian leadership to safeguard the interests of the Iranian people,” Bennett said.