Bessent: Iran oil production shutting due to blockade

US Treasury Secretary Scott Bessent stated that Iran's oil industry is beginning to shut in production because of the US naval blockade, warning that pumping will soon collapse and gasoline shortages are imminent. This escalation in pressure is part of the Trump administration's maximum pressure campaign against Iran. The blockade has severely limited Iran's ability to export crude oil and import refined products, with potential consequences for global oil markets.