U.S. to unveil "economic D-Day" sanctions on Iran

Oman and Iran are engaging in ongoing discussions regarding the future management of the Strait of Hormuz, according to Iran's foreign ministry spokesperson Esmail Baghaei. The talks, which have been ongoing for weeks, aim to determine how to regulate the critical chokepoint. Proposals include imposing fees on shipping vessels and establishing specific entry and exit routes.

Treasury Secretary Scott Bessent has issued a warning to Iran and its allies that the United States will launch an "economic D-Day" against Iran as part of a strategy to intensify economic pressure in an effort to end the conflict stalemate. The secretary described the measures as "the single greatest financial offensive ever marshaled against an adversary" in an op-ed piece for the British Financial Times.

Bessent also called on Iran's allies to sever ties with Tehran, asserting that doing so would enhance their access to global capital and bolster confidence in their economies. Secretary Bessent is scheduled to deliver a press conference on Monday to unveil the new economic sanctions. Following a series of military actions and the failure to reach an agreement to end the war, President Trump has recently shifted his strategy to focus on economic pressure.

Iranian President Masoud Pezeshkian defended the memorandum of understanding signed with the U.S. in June, stating it was the optimal approach to move beyond a situation of neither war nor peace. Pezeshkian emphasized that no provision in the agreement represents capitulation and that the supreme leader will guide Iran's policies.

The Memorandum of Understanding, signed by President Trump in June, established a 60-day deadline for concluding the war and reaching an agreement on Iran's nuclear program, but progress has been slow, and both parties have declared the deadline has passed. Iran has warned countries against participating in the U.S. "economic war" against the Islamic republic, threatening to consider such countries as enemies.

The head of Iran's supreme national security council, Mohsen Rezai, urged participating nations to distance themselves from the United States, threatening to harm their interests if they do not comply.