(FOX NEWS) — Treasury Secretary Scott Bessent delivered an update on U.S. efforts to destabilize Iran’s economy on Thursday.

Bessent says Operation Economic Fury remains in full swing as peace talks between Iran and Washington continue, going on to announce new sanctions relating to the Strait of Hormuz.

“Their troops are not getting paid, the police are not reporting for work, and Kharg Island is shut down. The Iranian economy and currency are in free fall,” Bessent wrote in a post on X.

“Iran’s Persian Gulf Strait Authority (PGSA) is a joke, and today Treasury has sanctioned it. We have warned any corporate or state entities against paying tolls or hiding them as aid payments,” he continued.

“Forming a Wall of Steel, the U.S. Naval Blockade has ensured a record low amount of Iranian crude on the water. We will also be shutting down both Iranian airlines’ access to landing spots, refueling, and ticket sales,” he added.

His statement comes after Iran partially lifted its blackout on internet access this week, a move seen as a concession made in hopes to keep its economy afloat.