US Unleashes Economic D-Day Against Iran, Threatening Global Oil Markets
US Treasury Secretary Scott Bessent has vowed to unleash what he calls 'the greatest financial offensive ever marshalled' against Iran, as Washington prepares to roll out economic sanctions on Monday.
The measures target Iran's trade partners, and the US is urging China to cooperate with its efforts. However, Beijing has responded by saying that 'sanctions and pressure do not help resolve the problem', while calling for diplomacy.
Iran has vowed to retaliate if the economic war continues, threatening to shut down all oil exports from the Gulf. The country's economy is already under significant pressure due to international sanctions, with high inflation, a weakening currency, energy shortages, and deep structural weaknesses.
The US and Israeli strikes on Iran have killed thousands of people, mostly in Iran and Lebanon, since February 28, degrading much of Iran's conventional military capacity. The conflict has also brought shipping in the Strait of Hormuz to a near standstill, pressuring world fuel prices.