U.S. to unveil new Iran sanctions as Tehran threatens Strait of Hormuz blockade
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9 days · 8 summary articles
President Donald Trump declared on Monday that Iran is “completely collapsing” as the United States prepared to unveil a new round of economic sanctions against Tehran. The announcement, expected later in the day, follows weeks of escalating rhetoric and economic pressure, including a U.S. naval blockade that Washington claims has disrupted Iranian oil exports.
U.S. Treasury Secretary Scott Bessent described the measures as an “economic D-Day,” calling it “the single greatest financial offensive ever marshalled against an adversary.” In a post on X, Bessent said the campaign would target Iran’s remaining economic lifelines, urging allies to sever ties with Tehran. A source familiar with the plans told Reuters the Treasury would broaden secondary sanctions to penalize countries and entities maintaining business relations with Iran .
Iran dismissed the U.S. claims. Deputy Foreign Minister Kazem Gharibabadi mocked Bessent’s statements, writing on X that Washington’s assertions contradicted its own claims of having dismantled Iran’s military and nuclear capabilities. “Is this victory, or an admission of American defeat?” he asked. Iran’s Foreign Ministry also warned of “consequences” for nations cooperating with the sanctions, while security chief Mohsen Rezaei threatened an “earthquake-like” retaliation, including blocking oil exports through the Strait of Hormuz if regional states joined the U.S. effort.
The economic strain in Iran deepened as the rial hit a record low of 2,016,400 to the dollar on the open market, according to Radio Farda. The currency’s plunge came amid rising inflation and unemployment, with the International Monetary Fund estimating Iran’s economy would contract by 5% this year. Iranian state media also broadcast a segment offering a $10 million bounty for information on Barron Trump, the president’s youngest son, showing alleged details of his movements and security arrangements .
Greece moved a Patriot missile system to Crete on Monday in response to reported Iranian threats against U.S. bases in Europe, including the Souda Bay naval facility. The Financial Times previously cited Iranian sources saying Tehran would strike U.S. targets in Europe if Washington intensified military pressure over the Strait of Hormuz .
China, Iran’s largest oil buyer, signaled it would not comply with the new sanctions. Foreign Ministry spokesperson Lin Jian said Beijing would take “necessary steps” to protect its interests, adding that sanctions and pressure tactics lead to escalation . Meanwhile, U.S. Central Command reported diverting 70 commercial vessels and disabling three since imposing the naval blockade on Iranian ports .
Iran’s President Masoud Pezeshkian defended a recent memorandum of understanding as the best path to resolve the conflict, stating it contained “not a single provision that amounts to capitulation.” The U.S. has demanded Iran reopen the Strait of Hormuz, where oil traffic has plummeted, with only 20 ships transiting the waterway over the weekend, according to Handelsblatt .
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