U.S. to unveil new Iran sanctions as mediators push for talks

The United States is preparing to announce new sanctions against Iran, which Treasury Secretary Scott Bessent has called "the greatest financial offensive ever" targeting Iran's trade partners. The announcement is scheduled for Monday at 1 p.m. EDT. Iran has dismissed the threat, vowing to halt all Gulf oil exports if the economic war continues and warning shipping not to pass through the Strait of Hormuz without its permission. Pakistan's army chief visited Tehran on a mediating mission, while a projectile struck a tanker near a Saudi Red Sea port. The U.S. and Israel began strikes on Feb. 28, killing Iran's then-Supreme Leader and degrading much of its military, but Iran retains missile and drone capability to threaten tankers. Oil prices slipped over $1 a barrel ahead of the announcement, and China said sanctions won't help resolve issues.