The United States is preparing to intensify economic pressure on Iran if ongoing diplomatic efforts fail to produce a deal or extend a ceasefire set to expire next week, Treasury Secretary Scott Bessent said on Wednesday.

Speaking at a White House briefing, Bessent said the administration is ready to escalate sanctions in what he described as the “financial equivalent” of a military campaign, targeting Iran’s access to global oil revenues and financial networks.

The proposed measures would expand secondary sanctions on entities and countries doing business with Iranian-linked individuals, firms and vessels — including those in third countries such as the United Arab Emirates and China.

Bessent said Washington has already warned foreign governments and companies against purchasing Iranian oil or holding Iranian funds in their banking systems, adding that the US is prepared to take “very stern measures” if such activity continues.

“If you are buying Iranian oil, if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions,” he said.

“The Iranians should know this is going to be the financial equivalent of what we saw in the kinetic activities.”

The remarks come as the Trump administration weighs its next steps in the conflict, with uncertainty over whether a ceasefire extension or broader agreement can be reached in the coming days.