Iran faces its most intense financial pressure yet as the U.S. plans what its Treasury secretary called the largest sanctions push aimed at Tehran. Treasury Secretary Scott Bessent said the measures will be "the single greatest financial offensive ever" and wrote on X that "at dawn begins an economic D-Day," framing the steps as Washington's "endgame" against Iran.
The escalation arrives after both sides failed to meet a 60-day ceasefire window, closing the formal truce mechanism intended to halt a war now in its sixth month. The announced package will build on an already broad regime targeting Iran's banking, energy, aviation and cryptocurrency sectors, officials say.
Bessent warned foreign governments and entities that continue to transact with Tehran, saying "any nation that serves as a financial artery of a withering regime should expect to share in its isolation." He has signalled further secondary sanctions on parties that do business with Iran.
Tehran responded by tightening rhetoric and maritime controls. Mohsen Rezaei, recently appointed secretary of Iran's Supreme National Security Council, vowed to strike the interests of oil-rich neighbours that join U.S. isolation efforts, saying "Any country that becomes a partner in creating economic restrictions against us will be regarded by us as an enemy." Iran's Persian Gulf Strait Authority posted on X that vessels violating its transit rules could face "fines, seizure, or confiscation" on future passages.
Iranian Foreign Minister Abbas Araghchi dismissed the threat of fresh U.S. sanctions as "desperate," while Iran's parliament approved a provision requiring ships to pay Tehran for services rendered when passing the strait, a measure that still needs full parliamentary approval. Diplomacy has not stopped: Omani Foreign Minister Sayyid Badr Albusaidi is due in Tehran on Tuesday for talks with Araghchi, and the foreign ministry said both sides will continue discussions over the Strait, according to spokesperson Esmail Baghaei.
Markets showed an immediate reaction in Asian trading, with West Texas Intermediate futures down about 1.3% to $85.93 per barrel, and Brent off 1.3% to $93.22 per barrel. The UK Maritime Trade Operations agency reported no confirmed attacks in the 48 hours to Sunday, though it warned of a "continued risk of drifting or uncharted mines," and noted mine danger areas remain active.
The coming days will test whether the U.S. package suffocates Iran's financial backers and whether Tehran follows through on tighter rules in the Hormuz, while diplomats and markets watch for signs of escalation or de-escalation as Omani-mediated talks begin.
