U.S. Announces Harshest Sanctions Against Iran, Followed by Diplomatic Stalemate Over Stra
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U.S. Treasury Secretary Scott Bessent told CNBC on Thursday that Washington will impose the "toughest sanctions in history" against Iran, echoing President Donald Trump's threat on Wednesday of a "crushing" economic operation.
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Washington Times BusinessTreasury Secretary Scott Bessent announced Thursday that the U.S. would impose some of the “toughest sanctions in history” on Iran next week, doubling down on the Trump administration’s economic warfare strategy as diplomacy stalls.
BloombergUS Expected to Ramp Up Pressure on Iran's Economic Partners Treasury Secretary Scott Bessent vowed to ramp up pressure on Iran by targeting its economic partners, saying "You are either with us, or against us." He is scheduled to talk more about the plans on Monday. Bloomberg's Tyler Kendall reports. (Source: Bloomberg)
ZeroHedgeBessent had on Thursday told CNBC: "It is a one-two punch. We have the blockade (on Iran), and we are going to have the toughest sanctions in history." He then vowed, "It is going to work in Iran and we are going to collapse this regime."
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His comments followed a similarly worded social media post by President Trump on Wednesday. Mr. Trump said there will be an “economic D-Day” coming soon and called on the U.S.’s allies to join the effort to “isolate, and defeat, the Iran threat.”
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BBC BusinessIn Wednesday evening's socal media post, Trump said he was launching "economic D-Day" on Iran because the Islamic Republic had failed to make a deal with the US.
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Brent crude, the international benchmark for oil, stood at approximately $94 a barrel on Thursday, which is about where the price stood at the same time last month when fighting resumed between the U.S. and Iran.
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CNBCBrent crude is nonetheless on course for a monthly gain of nearly 6%, following last week's 5.95% rise. The international benchmark closed at over $93 a barrel on Thursday for the first time since July 24.
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Mr. Trump added that diplomacy with Iran could happen “maybe at some point.” On Tuesday, he had insisted that the economic pressure campaign would continue and the White House had no plans to talk to the Iranians in the near future.
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Iran closed the Strait of Hormuz, a narrow waterway connecting the Persian Gulf and the Gulf of Oman, shortly after the U.S. and Israel launched attacks on the country in late February. Since then, commercial ships have been wary of entering the passage for fear of being targeted by Iranian drones or missiles.
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However, diplomatic momentum collapsed as Iran demanded that the U.S. break off its naval blockade and ease sanctions before the strait could be reopened.
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Earlier this month, Iranian and U.S. officials indicated that the two sides were circling a deal that would reopen the Strait of Hormuz, establish a ceasefire and open the door to further technical talks.
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The strait itself has become the center of nearly every conversation surrounding the war. For Iran, the waterway is key to its influence in the region after the war, with key ministers and security officials insisting that Tehran maintain significant control over the waterway.
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01 ZeroHedge China has firmly rejected Washington's call to join in implementing US sanctions to "squash" Iran's economy, pushing back against Trump administration pressure to be part of the "toughest sanctions in history" which has marked a new phase of conflict focused on extended economic warfare, as a military solution is seen as increasingly unrealistic and unlikely.
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02 Bloomberg Goldman's Struyven: Hedge Crude's Swings with Diesel Daan Struyven, Goldman Sachs Co-Head of Global Commodities Research, discussed the market reaction to potential new US sanctions on Iran during a live financial news segment. He noted that oil prices experienced only a modest increase following the announcement, largely because the existing blockade on Iranian ports and oil exports is already restricting Iranian oil from reaching the market. He speaks with Romaine Bostick & Sally Bakewell on "The Close." (Source: Bloomberg)
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03 BBC Business Published President Donald Trump has announced the US will inflict "TREMENDOUS Economic Consequences" on any country that helps or does business with Iran.
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04 MarketWatch Futures Movers Oil prices jump after Trump declares economic war on Iran West Texas Intermediate and Brent crude’s front-month contracts both climbed after President Donald Trump said he was launching a “crushing economic operation” against Iran
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05 CNBC Oil prices eased Friday but remained on track for a second consecutive week of gains, as hopes of a swift reopening of the Strait of Hormuz continued to fade.
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06 Financial Times Iran’s president calls to end war with US from ‘position of strength’ Masoud Pezeshkian’s comments reflect debate within regime over how much economic pressure the Islamic republic can endure
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07 Washington Times Business In an interview with CNBC, Mr. Bessent insisted that the incoming restrictions, which Treasury would announce on Monday, would cause the Islamic republic to “collapse.”
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