US vows 'economic D-Day' as Iran threatens to halt all oil exports

The United States has vowed to unleash an unprecedented financial offensive against Iran, signaling it will target nations that practice appeasement in their dealings with Tehran. Treasury Secretary Scott Bessent hinted at the magnitude of the sanctions being prepared, describing it as "the greatest financial offensive ever marshalled" against an adversary. These sanctions are set to target Iran's trade partners as the US prepares to roll them out on Monday.

In response to these threats, Iran has vowed to halt all oil exports from the Gulf, if the economic war persists. US Treasury Secretary Bessent is scheduled to hold a press conference at 2 p.m. EDT (1800 GMT) on Monday to reveal further severe measures against Iran. The conflict between the two nations, which has already resulted in thousands of deaths, primarily in Iran and Lebanon, has seen no military strikes for weeks but has also not seen meaningful talks to end the six-month-long conflict.

The US has accused Iran of practicing appeasement by engaging with Iran's economy and financial system, urging them to reconsider their stance. Iran, for its part, has warned that if the economic war continues, no oil will be exported from the Gulf, neither through the Strait of Hormuz nor from anywhere in the Persian Gulf. Iranian Supreme Leader Ayatollah Ali Khamenei has also suggested military retaliation.

Iran's economy has already been under pressure from international sanctions since the Islamic Revolution in 1979. Despite this, Iran has remained defiant, with officials warning that further economic punishment could increase hardships, reignite unrest, and erode the Islamic Republic's legitimacy. Iran's economic woes are compounded by high inflation, a weakening currency, energy shortages, and deep structural weaknesses.

While Iran and the US have not conducted military strikes against each other for weeks, they also have not engaged in meaningful talks to end the conflict. Other nations, including Qatar, Pakistan, and Turkey, have attempted to promote diplomacy. However, the exact state of Iran's nuclear program, which the US and Israel aim to eliminate, remains unknown.