Bessent says U.S. to impose ‘toughest sanctions in history’ on Iran

U.S. Treasury Secretary Scott Bessent announced on Thursday that the United States will enforce "the toughest sanctions in history" on Iran, intensifying President Donald Trump's economic warfare tactics against the country. Bessent also urged China to join the sanctions effort, despite China's initial opposition to further restrictions on Iran.

In a CNBC interview, Bessent described the upcoming sanctions as a "one-two punch," stating that they would contribute to collapsing Iran's regime. He added that a press conference detailing the new sanctions would be held on Monday. Trump had earlier vowed "economic warfare and isolation on an unprecedented scale" against Iran, asserting that the nation's position was weakening following months of U.S. military and economic pressure.

Iran, however, largely dismissed Trump's warnings, with Foreign Minister Abbas Araghchi accusing the U.S. leader of diverting attention from domestic issues, particularly the country's mounting national debt. China, a primary purchaser of Iranian oil, also expressed reservations about the proposed sanctions, with its Foreign Ministry stating that such measures would not resolve the issue.

Despite the threat of additional U.S. sanctions, the Strait of Hormuz remained effectively sealed, and oil prices continued to rise due to concerns about ongoing supply interruptions.