US Treasury Secretary: Iran in 'Economic Death Spiral,' Does Not Control Hormuz

US Treasury Secretary Scott Bessent said on the sidelines of a G20 finance ministers' meeting in Asheville, North Carolina (Tuesday, September 1, 2026) that Iran's economic collapse has entered an "acceleration phase" and that Iran does not control the Strait of Hormuz, noting about 17 million barrels of crude passed through the strait on Monday, August 31. Bessent also said new US sanctions targeting Iranian financial institutions, as well as aircraft leasing firms and other entities tied to the IRGC, would be announced in the coming days, and predicted the strait's strategic importance would sharply diminish within two years as Gulf states complete pipeline bypasses. The remarks were reported by Gulf News, Oilprice.com, and Reuters (via gCaptain).