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

The United States has threatened Iran with a "greatest financial offensive" as it prepares to impose economic sanctions targeting Iran's trade partners, according to US Treasury Secretary Scott Bessent. Iran has vowed to halt all oil exports from the Gulf if the economic war persists. US Treasury Secretary Bessent is set to hold a press conference at 1 p.m. EDT on Monday to reveal the sanctions.

Iran and the US have not engaged in military action for weeks, but have also failed to hold meaningful talks to end the six-month conflict. Iran has maintained its missile and drone capabilities to attack Gulf neighbors and threaten oil tankers in the Strait of Hormuz. The US Treasury Secretary hinted at sanctions on "fearful nations" engaging with Iran's economy and financial system.

Iran has been preparing for the sanctions, with Secretary Rezaei suggesting economic retaliation against any country supporting the US. China responded by stating that sanctions and pressure do not help resolve the issue and called for diplomacy. Iran's economy is already under pressure from international sanctions before the US and Israeli attacks. Further economic punishment could increase hardships, reignite unrest, and erode Iran's legitimacy.