US to impose toughest sanctions in history on Iran

Meanwhile, the Economic Times daily newspaper is available online now.

Key points

• Since the Islamic Revolution of 1979, iran has weathered near-continuous, punishing economic sanctions for almost 50 years.
• United States Treasury chief Scott Bessent confirmed unprecedented sanctions against Iran.
• US sanctions on IranIran oil sanctionsStrait of Hormuz oil tradeeconomic consequences IranTrump economic warfare.
• Oil rates rose to more than a three-week high on Thursday after those U.S.
• US to impose 'toughest sanctions in history' on Iran, Scott Bessent notes.

United States Treasury chief Scott Bessent confirmed unprecedented sanctions against Iran. These stringent measures aim to avoid significant new military operations. Oil rates surged after these threats of financial penalties. Iran condemned the sanctions as economic terrorism and vowed defiance. Details of the comprehensive sanctions package will be made public next week.

U.S. Treasury chief Scott Bessent remarked the United States will impose "the toughest sanctions in history" on Iran, a move he suggested would lessen the need for new major military operations. Bessent's comments on Thursday followed President Donald Trump's threat a day earlier of "Economic Warfare" and warning of economic consequences against any country that provided "any type of lifeline to Iran." Bessent promised details next week.: Iran dismisses US economic threats and other developments in the Middle East.

Oil rates rose to more than a three-week high on Thursday after those U.S. Threats of financial penalties aimed at forcing an end to a almost six-month-old war that has stranded millions of barrels of Middle Eastern oil. "I'm not sure why oil has popped up on this, " Bessent informed ‌CNBC. "If we are doing the ⁠maximum economic ⁠pressure, then that means that likely there will not be a large-scale kinetic restart, " he remarked, using a term referring to military force. Live Events.

Thousands have been killed in the conflict. It drew in Gulf nations and shocked markets as Iran flexed its ability to curb shipping through the Strait of Hormuz – a waterway that carried regarding a fifth of all traded oil before February. The U.S. And Iran have twice confirmed ceasefire deals, in April and June, aiming to restore the free flow of shipping through Hormuz on a path towards ending the conflict, but both swiftly crumbled. SANCTIONS DETAIL TO COME.

Since the Islamic Revolution of 1979, iran has weathered near-continuous, punishing economic sanctions for almost 50 years. Before Bessent spoke, Iran's foreign ministry remarked it condemned U.S. Economic and trade sanctions, calling them "economic terrorism" that would ⁠not "create even the ‌slightest hesitation in Iranians' determination to safeguard Iran's independence, dignity and national sovereignty.": A US-Iran channel shaped deportation flights as Tehran picked who was sent back Bessent informed CNBC he would share more details on the latest package and "talk about exactly what we're going to do" on Iran at a press conference on Monday. "It is a one-two punch. We ⁠have the blockade (on Iran), and we are going to have the toughest sanctions in history, " he continued, referring to a U.S. Naval blockade imposed on Iran in April and paused for a month in mid-June. "It is going to work in Iran and we are going to collapse this regime. It is time for our allies and the rest of the world to create a decision, " he stated. China buys more than 80% of Iran's shipped oil, according to 2025 data from analytics firm Kpler, but engaging in further economic warfare with China, a major exporter to the U.S. Including vital rare-earth minerals, risks retaliation against Washington. When asked if the United States could target China for doing business with Iran, Bessent remarked numerous conversations were best to have in private. "Keep in mind that the Chinese obtain 50% (of their) energy. From the Gulf. So it ‌would do them a major service to secure with the program, " he noted. China's embassy in Washington remarked "sanctions and pressure do not help resolve the problem." "China calls on the relevant parties to take responsible actions and resolve the issue through political and diplomatic means, " according to an embassy spokesperson. 'TREMENDOUS ECONOMIC CONSEQUENCES'.

Though the warning would appear to extend to U.S. Allies that have supported mediate peace negotiations, in a social media message on ⁠Wednesday, Trump promised "Economic Warfare and Isolation on an unprecedented scale." He did not say what specific steps the U.S. Would take or name any country. "ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences, " Trump wrote. Trump, nevertheless, is under pressure at home to end the unpopular war, with high fuel costs dragging down his approval ratings and potentially threatening his party's control of Congress in midterm elections in November. Iranian Foreign Minister Abbas Araqchi called Trump's comments an attempt to divert American public opinion from domestic financial challenges, including record debt and rising interest rates. He remarked Washington's insistence on policies he described as failed would bring further failures and alienate Iranians. Trump's social media threats and announcements are not always implemented as written. Add Now!

In short, US to impose toughest sanctions in history on Iran is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.