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

The United States has issued a stern warning to Iran, declaring it to be the most formidable economic onslaught ever undertaken, as the nation prepares to impose sanctions targeting the country's trade partners. In response, Iran has pledged to halt all oil exports from the Gulf should the economic hostilities persist. On Monday, U.S. Treasury Secretary Scott Bessent is scheduled to address the media at 1 p.m. EDT (1700 GMT), with the intention of unveiling even stricter punitive measures against Iran.

This anticipated "economic D-Day" is described by Bessent as the "single greatest financial offensive ever marshaled against an adversary" in an op-ed published in the Financial Times on Sunday. While there have been no military confrontations between the two nations for weeks, they have also refrained from engaging in substantive negotiations to resolve the six-month-long conflict.

The toll of the ongoing strife has been substantial, with thousands of casualties, predominantly in Iran and Lebanon, resulting from the U.S.-initiated strikes that commenced on February 28, significantly diminishing Iran's conventional military capabilities.