U.S. to unveil 'greatest financial offensive' against Iran as Tehran threatens ship seizures

The US is set to unveil its greatest financial offensive against Iran. US Treasury Secretary Scott Bessent described it as the single greatest financial offensive ever marshalled against an adversary. The new economic sanctions target Iran's trade partners and will be announced at a press conference.

Iran has responded by threatening to shut down all oil exports from the Gulf if the economic war continues. The two countries have been in conflict for six months, with thousands of people killed, mostly in Iran and Lebanon. The US and Israel have carried out military strikes against Iran, degrading its conventional military capacity.

The conflict has not seen military strikes in recent weeks, but there have been no meaningful talks to end it either. Iran has preserved some missile and drone capability, posing a threat to its Gulf neighbours and oil tankers in the Strait of Hormuz. According to Investing.com, US Treasury Secretary Scott Bessent will hold a press conference at 1 p.m. EDT on Monday to reveal more details about the sanctions.

Brief written by urgent.news from CNBC, CNBC World, Investing.com — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.