The United States has sent a stern warning to Iran, calling it “the greatest financial offensive ever organized,” as new sanctions targeting those who trade with Tehran are expected to take effect on Monday.
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On the other side, Iran has responded by threatening to block all oil shipments from the Persian Gulf if what it calls “economic war” does not stop.
U.S. Treasury Secretary Scott Bessent will appear at a press conference on Monday to detail this new round of even tougher sanctions against Iran, a country that has lived under international sanctions almost without interruption since the 1979 Islamic Revolution.
In an article published in the “Financial Times,” Bessent compared the start of these measures to “economic D-Day,” describing it as “the single most powerful financial offensive ever undertaken against an adversary.”
As clashes between the two countries continue, the six-month conflict has seen no direct military confrontations for weeks, but also no concrete talks to end the war.
Since the start of U.S. and Israeli strikes on February 28, thousands have lost their lives, mostly in Iran and Lebanon. The offensive has severely damaged much of Iran’s conventional military forces and caused massive economic losses, while Supreme Leader Ayatollah Ali Khamenei was also killed in these attacks.
Despite this, Iran still possesses enough missiles and drones to strike neighboring Gulf states and threaten ships transporting oil through the Strait of Hormuz.
The situation has created major obstacles for navigation in this key maritime route and has heightened tension in global fuel markets. Brent crude recorded an increase of about 6% over the past week.
Bessent also sharply warned states that continue economic and financial relations with Iran, calling them “frightened countries” practicing a policy of “appeasement.”
“They would do well to consider the consequences of continuing this policy,” he wrote.
Tehran has been preparing for the new round of sanctions for days, with Iranian officials making strong statements, not ruling out either a military or economic response.
Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, stated on Sunday that his country could take retaliatory economic measures.
“If the economic war does not stop, not a single drop of oil will be allowed to be exported, whether through the Strait of Hormuz or from any other point in the Persian Gulf,” Rezaei wrote on social platforms.
He also added that Iran would view any country’s participation in or support for the U.S. economic offensive as an “act of war.”
Earlier, the United States had called on China to cooperate with Washington, noting that China has traditionally sourced about half of its oil needs from the Gulf region.
The Chinese embassy in Washington responded that “sanctions and pressure do not help in finding a solution,” and called for a diplomatic path to be followed.
Even before the start of the U.S. and Israeli strikes, the Iranian economy was in dire condition due to international sanctions, which have already heavily damaged the country’s infrastructure.
Beyond sanctions, Iran is struggling with high inflation, currency devaluation, an energy crisis, infrastructure damage, trade blockades, and declining production.
In the absence of direct talks between Washington and Tehran, last held in June in Switzerland, states like Qatar, Pakistan, and Turkey have tried to mediate to restore diplomacy.
Iran has announced that Pakistan’s army chief, Asim Munir, will visit Tehran on Monday, as part of efforts to reestablish regional peace and security. The latest developments and the U.S. threat of new sanction measures are expected to be discussed during the visit.
The joint U.S. and Israeli offensive on Iran, along with Israeli strikes in Lebanon during the conflict, have left thousands dead and millions displaced. The United States has reported 18 soldiers killed and more than 750 wounded.
