US Prepares Economic D-Day Against Iran

The United States is set to launch what Treasury Secretary Scott Bessent has described as an 'economic D-Day' against Iran, targeting its remaining financial and commercial lifelines. In a Financial Times opinion article, Bessent warned governments and businesses that continue to deal with Tehran that they too could face the full force of Washington's economic power.

Bessent called the campaign 'the single greatest financial offensive ever marshalled against an adversary' and said Washington's objective is to isolate Iran economically until its government stands alone. The Treasury secretary will outline the measures at a press conference on Monday, with the administration expected to expand sanctions beyond Iran itself to countries, financial institutions, and businesses that provide Tehran with access to international trade, banking, and oil markets.

Brent crude was around $93.16 a barrel in early trading, down $1.23, or 1.3%, while US West Texas Intermediate was around $85.70, down $1.36, or 1.6%. Oil prices initially moved higher on expectations that tougher US sanctions could further disrupt Iranian exports and shipping through the Strait of Hormuz.