U.S. Treasury Secretary Scott Bessent said he will hold a press conference Monday to outline the mechanics of the sweeping new Iran sanctions campaign, after President Donald Trump declared an economic offensive against Tehran.
Bessent described the strategy as the "greatest coordinated economic isolation in the history of the world" and warned nations that continued trade with Iran would invite penalties, telling allies they must decide whether they are "with us or against us." He singled out China, the largest buyer of Iranian oil, arguing that Beijing stands to benefit from cooperating. The Treasury has already designated 10 individuals linked to Hezbollah for sanctions.
Iranian officials dismissed the measures as "economic terrorism," with parliamentary speaker Mohammad Baqer Ghalibaf saying the threats prove Washington cannot prevail militarily. Oil prices rose to three-week highs following the announcements, as Iranian forces continue restricting passage through the Strait of Hormuz.