US to launch 'economic D-Day' sanctions on Iran Monday
This digest was compiled by AI from multiple sources — links to the originals are below.
The US will roll out what Treasury Secretary Scott Bessent called the 'greatest financial offensive ever marshalled' against Iran on Monday, August 24. Bessent will hold a press conference at 1 p.m. EDT to detail sanctions targeting Iran's trade partners. Iran has threatened to halt all oil exports from the Gulf if the economic war continues.
Key Facts
- US Treasury Secretary Scott Bessent will hold a press conference at 1 p.m. EDT (1700 GMT) on Monday, August 24, to announce sanctions targeting Iran's trade partners.
- Bessent described the measures as 'the single greatest financial offensive ever marshalled against an adversary' in a Financial Times opinion piece published Sunday.
- Iranian Supreme National Security Council Secretary Mohsen Rezai said Iran would halt all oil exports from the Persian Gulf if the US economic war continues.
- Oil prices fell more than 2% in early Asian trade Monday, with WTI at $85.18 per barrel and Brent at $92.32 per barrel.
- The US blockade of Iranian ports has redirected 70 commercial vessels and disabled three, according to CENTCOM on Sunday.
US Sanctions Offensive
Treasury Secretary Scott Bessent announced the US will enter the 'final stage' of economic pressure on Iran with sanctions set to begin at dawn on Monday, August 24. Bessent wrote in the Financial Times that President Donald Trump and US military power have significantly reduced Iran's military capability and weakened its nuclear program. The sanctions will target parties that buy and transport Iranian oil, move its funds through exchange houses and free trade zones, and accept Iranian aircraft. Bessent said the US will press not only Tehran directly but also seek to reduce Iran's economic ties with other countries.
Iranian Response
Supreme National Security Council Secretary Mohsen Rezai said on Sunday that if the economic war continues, 'not a drop' of oil will be exported through the Strait of Hormuz or any part of the Persian Gulf. Rezai added that Iran will consider any country's participation in or support for America's economic war against the Iranian people as an act of war. IRGC spokesman Hossein Mohebby said Tehran has scenarios to counter hostile actions, including establishing economic relations with various countries to neutralize the effect of the US economic war. Mohebby called Trump's announcement of an economic operation against Iran an admission of Washington's defeat in the military conflict.
Market Impact
Oil prices fell more than 2% in early Asian trade Monday, with WTI futures at $85.18 per barrel and Brent at $92.32 per barrel. Both benchmarks gained more than 5% last week as the US and Iran traded threats, Iranian crude exports dropped, and tanker traffic through the Strait of Hormuz slowed. CENTCOM claimed on Sunday that the US blockade of Iranian ports has redirected 70 commercial vessels and disabled three. The Iranian Persian Gulf Strait Authority published a list of dozens of vessels it says violated transit arrangements and warned they could face future penalties.
14 sources
US to launch 'economic D-Day' sanctions on Iran Monday
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