US Threatens Economic Blockade Against Iran
US Treasury Secretary Scott Bessent has vowed an 'economic D-Day' against Iran in an effort to cut off its remaining economic lifelines. In a recent opinion piece published by the Financial Times, Bessent described the campaign as 'the single greatest financial offensive ever marshalled against an adversary.' The move is aimed at targeting countries and entities that buy or transport Iranian oil, facilitate banking transactions, or maintain other financial links with Tehran.
The US has been increasing pressure on Iran to return to negotiations, but President Masoud Pezeshkian defended a June memorandum of understanding with the US as the best route out of the conflict. However, Bessent's comments suggest that the US is committed to taking further action against Iran's trading partners.
Iran has threatened to halt oil exports from the Persian Gulf if other countries support the US measures, and Iranian President Masoud Pezeshkian said participation in the US economic campaign would be regarded as an 'act of war.' Oil prices have eased ahead of the US announcement, with Brent crude futures falling 1 percent to $93.45 a barrel.