US, Iran keep up hostile rhetoric ahead of new sanctions

The United States and Iran have been engaged in hostile rhetoric ahead of the announcement of new economic sanctions that could significantly impact Iran and its most important trading partners, including China. US Treasury Secretary Scott Bessent is scheduled to hold a press conference at 2 p.m. Eastern time on Monday to reveal these sanctions, which are described as the "toughest in history."

At the same time, China has urged for diplomacy, emphasizing that Iran's Foreign Ministry spokesperson, Esmaeil Baghaei, called the US sanctions an "assertion of extraterritorial sovereignty over every independent member state of the United Nations." These secondary sanctions are deemed to lack foundation in international law by Baghaei.

US President Donald Trump has warned of economic consequences for any country providing support to Iran. He stated that Washington is observing the situation in the conflict, expressing skepticism about Iran's willingness to make a mutually beneficial deal.

The Straits of Hormuz, a crucial shipping route, have seen a significant reduction in oil shipments. The conflict has severely weakened Iran's economy and military capabilities, although it remains capable of impeding oil tanker traffic and attacking regional rivals through missile and drone capabilities. Despite the US military's efforts, the Strait of Hormuz is currently only allowing a limited number of commodity ships to transit, with a seven-day average of just 8 million barrels a day.

While Iran's military chief, Major General Ali Abdollahi, has promised a "crushing, punishing, and devastating" response to enemy threats, Iranian President Masoud Pezeshkian has called for a diplomatic solution, asserting that it would be better to end the war while Iran maintains power and dignity. Iran's parliament speaker, Mohammad Baqer Qalibaf, acknowledged the strain on Iran's economy, emphasizing the need for financial turnover, economic growth, and national production amid the ongoing conflict.