US Threatens Iran with Toughest Ever Economic Sanctions

The United States has threatened to impose its toughest ever economic sanctions on Iran, prompting a warning from Tehran that its response would be 'devastating'.

US Treasury chief Scott Bessent said measures would aim to topple the Iranian leadership, with details expected on Monday. The Islamic Republic's reaction would be broad and decisive, with preparedness across land, sea, air, air defence, and cyberspace.

Bessent promised that sanctions would not drive up oil prices, but experts fear the opposite may happen as Iran's exports are already being severely impacted by the US blockade. Oil prices steadied on Friday, but were on track for a second weekly rise due to concerns over Gulf energy exports.