US Prepares Economic D-Day Sanctions as Iran Threatens Gulf Oil Halt

United States Treasury Secretary Scott Bessent is scheduled to detail a new package of sanctions against Iran and its trading partners on Monday, describing the campaign as an “economic D-Day” and the single greatest financial offensive ever marshalled against an adversary.

In an opinion piece and subsequent statements, Bessent said the measures target nations that continue to engage with Iran’s economy and financial system. He urged those countries to sever ties, arguing that doing so would improve their own access to global capital.

Iran responded through Mohsen Rezaei, secretary of the Supreme National Security Council. He stated that if the economic pressure continues, Iran will halt all oil exports from the Persian Gulf, including through the Strait of Hormuz. Rezaei added that any country supporting the American measures would be regarded as committing an act of war.

The conflict between the United States, Israel and Iran is now in its sixth month. Kinetic military exchanges have been limited in recent weeks, yet the Strait of Hormuz remains under severe disruption. Shipping volumes have dropped sharply, contributing to elevated global fuel prices.

China, which previously purchased the bulk of Iranian crude, faces particular scrutiny. Pakistan’s army chief Asim Munir is due in Tehran on Monday for talks that include the latest sanctions threats. Earlier attempts at mediation by Qatar, Turkey and others have not produced a lasting settlement.

Bessent’s announcement follows months of maximum pressure that the Trump administration says has degraded Iran’s military production capacity and nuclear programme. Iran maintains that its missile and drone forces remain operational and capable of striking regional targets.