US Vows 'Toughest Sanctions in History' on Iran Amid Ongoing Conflict

The United States has vowed to impose 'the toughest sanctions in history' on Iran, according to US Treasury chief Scott Bessent. The move is aimed at forcing an end to a nearly six-month-old war that has stranded millions of barrels of Middle Eastern oil.

Oil prices rose to more than a three-week high following the US threats of financial penalties. Bessent suggested that these sanctions would lessen the need for new major military operations, saying 'if we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart.'

Bessent promised details on the latest package next week, including exactly what steps the US will take. Iran has weathered near-continuous, punishing economic sanctions for nearly 50 years since the Islamic Revolution of 1979.

The US and Iran have twice announced ceasefire deals, in April and June, aiming to restore the free flow of shipping through the Strait of Hormuz. However, both quickly crumbled.