Manus on Markets: US warns allies to back its Iran strategy

The US has threatened Iran with what it terms the greatest financial offensive ever marshalled, announcing plans to unveil sweeping economic sanctions. These sanctions are designed to penalize any foreign nations or trade partners providing a lifeline to Iran. According to US Treasury Secretary Scott Bessent, the goal is to isolate the Iranian economy.

In response, Iranian officials have vowed to completely shut down all energy exports originating from the Persian Gulf if Washington's economic warfare continues. They have also warned that collaborating with the US will be considered an "act of war", which raises risks of attacks on US allies in the Gulf region and Europe. China, Turkey, and other countries have stated they will not cut their links with Iran.

Global oil prices have fallen slightly as investors wait for details of the new US sanctions. Brent crude prices fell by more than one percent during early Asian trading, standing at around $91.80 per barrel. The US warned allies and China to join its new campaign, with Bessent calling on Beijing "to get with the programme".

Brief written by urgent.news from The National Business, Investing.com, FXStreet, Daily Times, IOL — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.