US Prepares Crushing Sanctions on Iranian Economy Amid Global Oil Price Concerns

The Trump administration is planning to impose unprecedented sanctions on Iran's economy in an effort to increase pressure on Tehran. According to U.S. Treasury Secretary Scott Piesent, Washington is exploring a range of options including targeting oil exports, money transfer networks, and the 'shadow fleet.' The goal is to tighten the economic noose on Iran without revealing specifics about the upcoming measures.

The U.S. has already imposed thousands of sanctions on Iran and enforced a maritime blockade on its ports. However, Bloomberg reports that the Treasury Department still has additional tools at its disposal, including broad secondary sanctions on companies and financial institutions dealing with Tehran.

China plays a key role in these calculations, as it accounts for over 90% of Iranian oil exports. Washington is considering targeting major Chinese banks involved in financing these transactions, which could open a new economic front with Beijing ahead of the anticipated meeting between Trump and Chinese President Xi Jinping.