US will impose ‘toughest sanctions in history’ on Iran: Bessent

Treasury Secretary Scott Bessent announced the US will impose "the toughest sanctions in history" on Iran, suggesting economic measures could limit the need for military intervention. This came after President Donald Trump's earlier threat of "Economic Warfare" against any country providing aid to Iran. Oil prices surged due to the US threats, signaling a potential end to the six-month-long conflict that has stranded millions of barrels of Middle Eastern oil.

Bessent stated that if the maximum economic pressure is effective, large-scale military action may be unnecessary. Iran's foreign ministry condemned the sanctions as "economic terrorism," targeting ordinary Iranians and amounting to crimes against humanity. The US and Iran have previously agreed to ceasefire deals, but they have not been upheld.

Bessent hinted at further details and the impact of the sanctions at a press conference, adding that the strategy would "collapse this regime" and called on allies to make a decision. China, which buys over 80% of Iran's shipped oil, faces potential retaliation if it continues to engage in business with Iran, despite being a major exporter to the US.