The United States is set to unveil what Treasury Secretary Scott Bessent described as “the single greatest financial offensive ever” against Iran on Monday, as Tehran threatens to seize vessels that violate its transit rules in the Strait of Hormuz.
The escalation comes after Washington and Tehran failed to reach a deal within a 60-day ceasefire window, effectively closing the formal mechanism aimed at ending the Middle East war, now in its sixth month.
In a post on X on Sunday, Bessent said “at dawn begins an economic D-Day”, describing the impending measures as the “endgame” of Washington’s campaign to pressure Tehran.
The new measures are expected to build on an extensive US sanctions regime targeting Iran’s banking, energy, aviation and cryptocurrency sectors.
The Trump administration has maintained that Iran’s economy is in freefall, citing soaring inflation and a weakening currency.
Bessent also warned that countries continuing to facilitate financial transactions with Tehran would face consequences.
“Any nation that serves as a financial artery of a withering regime should expect to share in its isolation,” he said, signalling the possibility of additional secondary sanctions against governments and entities doing business with Iran.
Tehran, meanwhile, has warned Gulf countries against supporting the US economic campaign and moved to tighten its control over the Strait of Hormuz, a critical global energy route through which about one-fifth of the world’s seaborne oil passed before the war.
Mohsen Rezaei, a longtime military commander and the newly appointed secretary of Iran’s Supreme National Security Council, warned on Saturday that Iran would target the interests of oil-rich neighbours that joined US efforts to isolate Tehran.
“Any country that becomes a partner in creating economic restrictions against us will be regarded by us as an enemy,” Rezaei said in an interview with Iran’s state broadcaster.
Iran’s state-controlled Persian Gulf Strait Authority also issued a warning on Sunday that vessels violating its transit rules in the Strait of Hormuz could face penalties, including fines, seizure or confiscation.
Iranian Foreign Minister Abbas Araghchi dismissed the prospect of renewed US sanctions as a “desperate” move, insisting that Washington’s actions, including the blockade, would ultimately fail.
Iran’s parliament also approved a provision requiring ships using the strategic waterway to pay Tehran for services provided during transit, according to local media reports. The measure still requires full parliamentary approval.
The diplomatic efforts have not completely stalled, however, with Omani Foreign Minister Sayyid Badr Albusaidi expected to visit Tehran on Tuesday for talks with his Iranian counterpart, Abbas Araghchi.
Iranian Foreign Ministry spokesman Esmail Baghaei said discussions would include the Strait of Hormuz.
Despite the heightened tensions, oil prices fell in Asian trading on Monday.
West Texas Intermediate futures, the US benchmark, declined about 1.3% to $85.93 a barrel, while Brent crude, the international benchmark, fell 1.3% to $93.22.
The UK Maritime Trade Operations agency reported no confirmed attacks in the Strait of Hormuz during the 48 hours to Sunday.
However, it warned of a continued risk from drifting or uncharted mines, with designated mine danger areas remaining active.
Boluwatife Enome
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