Iran, currently grappling with a severe crisis stemming from its war with the United States, appears to have received major relief. Iran’s Oil Minister Mohsen Paknejad has revealed that natural gas reserves exceeding 7.5 trillion cubic feet have been discovered in the country’s southern Fars province. It is estimated that between 72 and 73 percent of this gas can be extracted, meaning nearly 5.7 trillion cubic feet could potentially be available for commercial use.
Notably, the gas identified so far is “sweet gas,” meaning it contains very low levels of impurities such as hydrogen sulphide. Sources indicate that this could significantly reduce refining and production costs. Iran already ranks second in the world after Russia, with natural gas reserves of nearly 34 trillion cubic metres, and this latest discovery is set to further boost the country’s energy wealth. However, developing the new field will require substantial investment and advanced technology — resources that will not be easy for Iran to secure given the ongoing war, sanctions, and the US blockade. Producing this gas and exporting it to other countries for profit, amid US economic sanctions, stands as a significant challenge that lies ahead for Iran.
Meanwhile, the United States has geared up for an economic war against Iran, with the aim of isolating the country entirely. Washington is showing no hesitation in imposing strict sanctions on nations that provide assistance to Tehran. Amid these developments, a statement from US Treasury Secretary Scott Bessent has taken on particular significance. He declared that the game with Iran had reached its end, warning that economic ruin now awaits the country. He posted these remarks on his ‘X’ account.
“We have dealt a severe blow to Iran’s military capabilities. We have destroyed its military factories one hundred percent. We have buried its nuclear programme. The game is now over. We are about to launch the largest economic war ever waged against any adversary. Iran has survived all these years by issuing threats under the guise of security assurances, believing that America could do nothing to it. But under President Trump, that era has now come to an end. Our goal is to sever every economic lifeline sustaining that authoritarian regime, until Tehran is completely isolated,” Bessent wrote on X. The economic war is reportedly set to begin from Monday, as America had warned, lending particular significance to Bessent’s latest remarks.
Iran responded in kind to this development, warning that consequences would be severe if Gulf countries joined the superpower’s economic war against it. “If this economic war begins, not a single drop of oil will pass through the Persian Gulf or the Strait of Hormuz,” Iran warned. “Any country that becomes part of this economic war launched by America, or cooperates with the superpower against the interests of the Iranian people, will have to be treated by us as an enemy,” Mohsen Rezaei, head of Iran’s Security Council, warned sharply.
Meanwhile, ships are currently plying through the Strait of Hormuz via two routes — one designated by Iran, and the other the Oman route being secured by the United States. Tehran, strongly opposing this latter route, has issued a fresh warning to vessels, stating that it will seize any ship that violates its travel regulations in the Strait of Hormuz by disregarding its directives. It further stated that action would also be taken against any vessels assisting such ships. With all these developments unfolding, the situation in West Asia appears set to grow even more complicated.