US promises 'asphyxiation' of Islamic Republic as it imposes new sanctions

The United States has announced a series of new sanctions against the Islamic Republic of Iran, warning that the country will face "asphyxiation" if it continues to defy the sanctions. Treasury Secretary Scott Bessent said that the US was working towards "economic D-Day" to end Iran's threat and bring it to complete global isolation and a subsistence economy.

The US has mapped every node, facilitator, and network used by Iran to smuggle oil and evade sanctions, and President Donald Trump has made phone calls to world leaders to stop their interactions with the regime. China, Iran's largest trading partner, has warned it would "firmly defend" its interests, criticizing the US for using "economic warfare."

The ongoing war in Iran has had a significant impact on the global economy, with only seven vessels passing through the Strait of Hormuz in a week, the lowest daily number since early May.