US says it will impose ‘toughest sanctions in history’ on Iran

U.S. Treasury chief Scott Bessent announced Thursday that the United States will impose the "toughest sanctions in history" on Iran, a move he suggested would reduce the need for major military operations. The announcement follows President Donald Trump's earlier threat of "Economic Warfare" against any nation providing a lifeline to Iran.

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the toughest sanctions in history

Bessent promised more details next week, but the threats alone caused oil prices to rise to a three-week high. He told CNBC that "maximum economic pressure" would likely prevent a large-scale military restart, referring to the conflict that has already caused thousands of deaths and disrupted shipping through the Strait of Hormuz. This waterway previously carried about a fifth of all traded oil.

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Economic Warfare

Previous ceasefire deals between the U.S. and Iran in April and June, aimed at restoring shipping flow, quickly collapsed. Iran, which has faced nearly continuous sanctions since its 1979 Islamic Revolution, condemned the U.S. sanctions as "economic terrorism." The foreign ministry stated they would not deter Iran's resolve to protect its independence and sovereignty.

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I’m not sure why oil has popped up on this. If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart

Bessent plans to reveal the latest sanctions package on Monday, describing it as a "one-two punch" alongside a U.S. naval blockade. He expressed confidence that the sanctions would "collapse this regime" and urged allies to make a decision. However, China, which buys over 80% of Iran's oil, could retaliate if targeted, given its own reliance on Gulf energy. Bessent indicated that discussions with China would be private, noting their significant energy imports from the region.

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economic terrorism