Commodities
US Threatens Economic D-Day as Iran Vows Oil Export Halt
The United States has threatened Iran with an 'economic D-Day' as it prepares to impose new sanctions on Monday. US Treasury Secretary Scott Bessent described the upcoming measures as 'the single greatest financial offensive ever marshalled against an adversary.'
Bessent warned that countries engaging with Iran's economy and financial system would face consequences, implying that even China, which receives half of its oil imports from the Gulf region, could be targeted.
Iran has vowed to shut down all oil exports from the Gulf if the 'economic war continues.' The country has been under near-continuous economic sanctions since the 1979 Islamic Revolution and has seen thousands die in the six-month-old conflict with the US and Israel.