US Sanctions Campaign Targets Iran's Oil Exports in Escalating Conflict

The United States is preparing to impose new sanctions on Iran as part of an economic campaign that US Treasury Secretary Scott Bessent described as 'the single greatest financial offensive ever marshalled against an adversary.'

Bessent said the measures are aimed at severing Iran's remaining sources of revenue, including oil exports through the Strait of Hormuz. The Strait remains a critical chokepoint for global trade, with only 17 vessels passing through in recent days.

Tehran has warned that it will retaliate against countries that support Washington's efforts, including China, which is Iran's largest trading partner and buys most of its exported oil. Beijing reported $9.96bn in two-way trade with Iran in 2025, excluding about $31.2bn in Iranian oil shipments.

Iran's Supreme National Security Council secretary, Mohsen Rezaei, said that if the economic campaign continues, 'not a single drop of oil will be exported, neither through the Strait of Hormuz nor from anywhere in the Persian Gulf.'