Washington, Mar 07 (V7N) – The United States is preparing one of the largest military operations against Iran in its history, following concerns that Tehran is attempting to create economic chaos, according to US Treasury Secretary Scott Besant.

In an interview with Fox Business on Friday, Besant said, “Tonight we will have the biggest bombing campaign. We will severely damage Iranian missile launchers and missile factories. We are significantly reducing their capabilities.” He added that while Iran has failed to gain advantage on the battlefield, it is now trying to use the global economy as a tool, a strategy the US claims will not succeed.

The ongoing conflict has raised fears about global energy supplies, as about 20% of the world’s crude oil and natural gas passes through the Strait of Hormuz. Insurers have canceled services in the waterway due to instability. The US is responding by strengthening insurance for American ships, with the International Development Finance Corporation providing up to $20 billion in coverage for ships carrying oil, fertilizer, and other goods. Besant also noted that naval guards could be deployed if needed to ensure safe passage.

Besant warned that Iran is attempting to control the Strait of Hormuz, claiming it will block ships related to US or Israeli interests. Currently, only Iranian and Chinese ships are reportedly passing through safely, with normalization to be guided by US Central Command (CENTCOM).

The conflict’s economic impact has also reached the prediction market, where over $54 million has been bet against Iranian leaders on the platform Kalshi, according to Fox Business.

The escalating situation underscores the intertwining of military, economic, and global trade tensions, with the US aiming to maintain maritime security and limit Iran’s influence over key energy routes.

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