U.S. threatens new sanctions on Iran; Tehran warns of Gulf oil halt

U.S. Treasury Secretary Scott Bessent warned Iran of an "economic D-Day," saying the United States was preparing sanctions targeting Iran's trade partners. In a post on X, Bessent said the U.S. had dismantled Iran's military capabilities, destroyed nearly all its military factories, and buried its nuclear program, and that a "single greatest financial offensive ever marshaled against an adversary" was beginning.

Iran responded with a threat to shut down all oil exports from the Gulf "if the economic war continues." Separately, Iranian President Masoud Pezeshkian defended a memorandum of understanding with the United States as the best way out of a stalled war.

The announcements come amid ongoing tensions between the two countries, with the U.S. escalating economic pressure while Iran signals possible retaliation through oil markets.