Tehran is demanding access to its funds as part of a lasting peace deal with Washington
Published 7 Jun, 2026 00:38
| Updated 7 Jun, 2026 05:33
FILE PHOTO: A satellite image shows damaged sections and burned areas of the Ras Tanura oil refinery in Saudi Arabia, March 2, 2026. © Vantor via Getty
The Trump administration is seeking to redirect frozen Iranian assets toward rebuilding energy and other infrastructure damaged by Tehran’s retaliatory strikes in Gulf Arab states hosting US military bases, Bloomberg and CBS News report.
The Treasury Department plans to use “all available authorities” to make Iranian assets accessible for rebuilding and repair efforts linked to any future damage caused by Iran, CBS reported on Saturday, citing a source familiar with Treasury Secretary Scott Bessent’s thinking.
Bloomberg reported that Bessent directed Treasury officials to assess conditions among US allies in the Persian Gulf and request comprehensive estimates for damage inflicted since the start of the conflict. The outlet said the department will also consider whether Iranian assets could be used to cover “past damage” blamed on Iranian-backed groups.
The initiative comes as indirect talks between Washington and Tehran have stalled over Iran’s demand for access to frozen funds. Mohsen Rezaei, a military adviser to Supreme Leader Ayatollah Mojtaba Khamenei, said on Friday that a deal hinges on the release of $24 billion in Iranian assets.
“This is our own money, not America’s money,” Rezaei told CNN, calling the demand a test of trust for US President Donald Trump.
Iranian Deputy Foreign Minister Kazem Gharibabadi told Mehr News Agency that Tehran wants at least $12 billion released immediately upon the signing of a memorandum of understanding with the US, while the remainder should be released within “not more than one or two months.”
Since the US and Israel launched an attack against Iran on February 28, the sides have largely refrained from directly targeting oil and gas infrastructure. In mid-March, however, Israel hit the world’s largest natural gas field in South Pars, knocking out 12% of Iran’s gas production.
Tehran declared that energy infrastructure in Gulf Arab states hosting US forces has become “direct and legitimate targets.”
Energy facilities in Saudi Arabia, the UAE, Kuwait, and Bahrain have all sustained damage in tit-for-tat strikes, before a Pakistani-brokered ceasefire took effect in April.
The US reportedly promised to unblock some Iranian assets to bring Tehran to the negotiating table in Islamabad, although it has publicly called the demand unacceptable. Trump has repeatedly criticized his predecessor, Barack Obama, for allegedly sending Iran billions of dollars in “pallets of cash” under the 2015 nuclear deal, which Trump unilaterally withdrew from during his first term.