US to impose toughest sanctions in history on Iran

The United States is set to impose the most stringent sanctions in its history on Iran, according to Treasury Secretary Scott Bessent. This move, announced Thursday, aims to reduce the need for potential military interventions. Bessent's remarks came a day after President Donald Trump threatened "economic warfare" against any nation supplying Iran with resources.

Bessent stated that the sanctions would likely prevent a large-scale military escalation. However, oil prices surged to a three-week high following the U.S. threats, which aim to halt the six-month-long conflict that has stranded millions of barrels of Middle Eastern oil. Bessent explained that the economic pressure would likely lead to a de-escalation of the conflict.

Iran has faced economic sanctions for nearly 50 years, but these most recent sanctions are expected to be even more severe. Bessent promised further details on the sanctions package during a press conference on Monday.