Treasury Secretary Scott Bessent announced at the G20 summit that the United States has secured significant international support for its campaign to economically isolate Iran. Speaking on the sidelines of the two-day meeting, Bessent expressed optimism that the European Union, Britain and the United Arab Emirates would join the U.S. in 'Operation Economic Outcast.' The Trump administration has warned countries that sever economic ties with Iran or face U.S. sanctions. 'We are going to economically asphyxiate this regime,' Bessent said, comparing Iran to poisonous snakes he encountered growing up in South Carolina. 'We are burying the head of the Iranian snake.' Bessent indicated the Treasury Department would announce new sanctions on Iranian banks and work to seize assets of Iranian leaders abroad, including funds in the British Virgin Islands. Last week, the U.S. shut down the Dubai branch of an Egyptian bank accused of helping Iran evade sanctions.

Bessent predicted disruptions from the conflict would be temporary, stating, 'In two years, the Strait of Hormuz will be a worthless piece of water.'.