US Prepares ‘Economic D-Day’ Sanctions as Iran Threatens Full Oil Export Halt

The United States is preparing to announce what Treasury Secretary Scott Bessent has called an “economic D-Day” against Iran, a package of sanctions designed to isolate the country further and pressure it to reopen the Strait of Hormuz.

Bessent is scheduled to detail the measures at a Monday afternoon news conference. In a Financial Times opinion piece published Sunday he wrote that the offensive would be “the single greatest financial offensive ever marshalled against an adversary.” The aim, he said, is to sever every economic lifeline sustaining the Iranian government.

Iran’s response has been immediate. Mohsen Rezaei, the new head of the Supreme National Security Council, stated that any country supporting the new sanctions would be regarded as committing an act of war. He also warned that if the economic campaign continues, “not a single drop of oil will be exported” through the Strait of Hormuz or from the Persian Gulf.

Iran’s rial hit a record low against the dollar in morning trading on Monday. Shipping through the strait remains severely restricted after months of conflict. The United States maintains a naval presence and has supported more than a thousand commercial transits since the fighting began.

The standoff follows the collapse of nuclear and ceasefire talks weeks earlier. Military exchanges have paused, but neither side has returned to meaningful negotiations. Pakistan’s army chief is expected in Tehran as mediators attempt to restart dialogue.

Secondary sanctions targeting companies and countries that continue to trade with Iran form the core of the expected package. China, which purchases the bulk of Iran’s remaining oil exports, has been urged to cooperate. Iranian officials dismiss the measures as desperation that will fail to change Tehran’s course.