US gives its allies ultimatum on Iran: Support Washington or face sanctions

The Trump administrationchr("39")s plan to crush Iranchr("39")s economy will likely negate the need for major US military operations against the Islamic Republic, Treasury Secretary Scott Bessent told CNBC on Thursday, Olaylar informs.

"If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart," Bessent said in an exclusive interview with "Squawk on the Street."

Oil prices rose following CNBCchr("39")s interview with Bessent, who vowed that the US will create "the greatest coordinated economic isolation in the history of the world" against Iran.

He said he will hold a news conference on Monday to "talk about exactly what wechr("39")re going to do."

In a preview of the plan, he said that the US will be telling all of its allies, "You are either with us or against us."

"If you insist on doing business with [Iran], either transferring money, buying their oil or doing seaborne ship transfers, then the US Treasury and the US government ... will put its full might and force toward enforcing against you," Bessent said.

"It is time for our allies and the rest of the world to make a decision," he said. "We are going to squash the economy of this murderous regime."

He also brushed off early skeptics of the plan, contending that the economic pressure campaign will work in concert with an ongoing US naval blockade of Iranian ports in the Gulf of Oman.

"It is a one-two punch. We have the blockade, and we are going to have the toughest sanctions in history," he said.

"We are going to collapse this regime," he added.