US Sanctions Threaten Iran Economy Amid Strait of Hormuz Standoff
The United States and Iran have continued their hostile rhetoric ahead of new US economic sanctions that could impact Iran's economy and its main trading partners, including China.
US Treasury Secretary Scott Bessent will hold a press conference on Monday to reveal 'the toughest sanctions in history' on Iran, which buys more than 80% of its shipped oil from China, according to data from analytics firm Kpler.
Iran's Foreign Ministry spokesperson Esmaeil Baghaei dismissed the US announcement as an 'assertion of extraterritorial sovereignty over every independent member state of the United Nations,' stating that such secondary sanctions have no foundation in international law.
The Strait of Hormuz has been effectively blocked, with thousands of seafarers stranded on hundreds of vessels, while Iran has granted permission for Iraqi oil tankers to pass through after repeated requests from Baghdad.