U.S., Iran trade warnings ahead of new sanctions as Hormuz traffic remains stalled

Iran has strongly criticized recent U.S. plans to impose new sanctions, which could further burden the country's struggling economy and affect its key trading partners, including China. Following a six-month conflict initiated by the U.S. and Israel on February 28, both sides remain in a state of war, with no progress towards peace talks.

The Strait of Hormuz, a crucial maritime route, is currently experiencing a virtual halt in oil shipments due to the ongoing tensions. Iran has warned of retaliatory actions against unauthorized oil tankers attempting to pass through the strait.

U.S. Treasury Secretary Scott Bessent is scheduled to deliver a press conference on Monday, during which he is anticipated to announce the "toughest sanctions in history" on Iran. The Secretary has also called for cooperation from China, which accounts for over 80% of Iran's oil exports. China has advocated for a diplomatic resolution to the crisis.

Iran's Foreign Ministry spokesperson, Esmaeil Baghaei, has dismissed the impending U.S. sanctions as an "assertion of extraterritorial sovereignty over every independent member state of the United Nations," emphasizing that such measures lack legal basis in international law.

Major General Ali Abdollahi, the chief of staff of Iran's armed forces, has vowed a "crushing, punishing, and devastating" military response to any threats posed by Iran's adversaries. Meanwhile, U.S. President Donald Trump has expressed skepticism towards potential negotiations with Iran, stating that the country is not prepared to engage in a "right deal."

The ongoing conflict has resulted in thousands of casualties, primarily in Iran, with over 750 U.S. military personnel wounded or killed. Despite Iran's continued defiance, President Masoud Pezeshkian has called for a diplomatic solution, emphasizing that the U.S. attack on Iranian schools, hospitals, and infrastructure has led to widespread international condemnation.