US sanctions on Iran target oil exports as Tehran threatens Gulf shipping

The United States is preparing to announce a new sanctions package against Iran, which Secretary of State Scott Bessent has described as an "economic D-Day" and the largest economic offensive ever mounted against an adversary. Iran has responded by threatening to halt all oil exports from the Gulf if the economic war continues. Bessent is expected to detail the sanctions in a press conference on Monday, following an opinion piece in the Financial Times. Iran's top national security official warned that no oil would be exported through the Strait of Hormuz if the economic war persists, and that countries supporting the US effort would face consequences. The move comes as diplomatic efforts to end the conflict appear to have stalled. Iran's economy was already struggling with inflation and energy shortages before the war, and the new sanctions are seen as an attempt to pressure the regime, though similar efforts during the Trump administration failed to trigger widespread unrest.