U.S. to Unveil 'Greatest Financial Offensive' Against Iran as Tehran Threatens Ship Seizures

The United States is preparing to launch what Treasury Secretary Scott Bessent has termed "the single greatest financial offensive ever" against Iran. This move comes as Iran has issued warnings about seizing vessels that breach transit regulations in the Strait of Hormuz. This escalation occurs as both nations failed to meet a 60-day ceasefire deadline, ending the formal truce mechanism intended to halt the Middle East conflict, now in its sixth month.

In a statement on Sunday evening, Bessent described the impending measures as "economic D-Day" and the "endgame" of Washington's strategy against Tehran. These new actions will augment the existing comprehensive sanctions targeting Iran's banking, energy, aviation, and cryptocurrency sectors. The Trump administration has previously asserted that Iran's economy is in a state of freefall, characterized by rampant inflation and a collapsing currency.

Bessent also cautioned that "any nation that serves as a financial artery of a withering regime should expect to share in its isolation," a clear message to foreign governments continuing to engage in transactions with Tehran. He has previously indicated the possibility of further secondary sanctions on countries and entities conducting business with Iran.

In response, Iran has warned its Gulf neighbors against aligning with U.S. economic initiatives and has intensified its control over the Strait of Hormuz, a critical chokepoint through which approximately one-fifth of the world's seaborne oil passed before the current conflict.

Earlier on Saturday, Mohsen Rezaei, a prominent military commander and newly appointed secretary of Iran's Supreme National Security Council, threatened to target the interests of oil-rich neighbors if they joined U.S. efforts to further isolate Iran. He stated in an interview with Iran's state broadcaster that "Any country that becomes a partner in creating economic restrictions against us will be regarded by us as an enemy."

Iran's state-controlled Persian Gulf Strait Authority (PGSA) also issued a series of warnings on Sunday, indicating that vessels violating transit rules in the Strait of Hormuz could face penalties, including "fines, seizure, or confiscation" during future passages.

Iranian Foreign Minister Abbas Araghchi dismissed the threat of new U.S. economic sanctions as a "desperate" tactic, asserting that U.S. actions, such as the blockade, were destined to fail.

According to local media reports, the Iranian parliament approved a provision on Sunday that would require ships transiting the Strait of Hormuz to pay for services provided by Tehran. This legislation still requires full parliamentary approval.

Despite the looming escalation, crude oil prices saw a pullback in Asian trading on Monday. West Texas Intermediate futures, the U.S. benchmark, fell by approximately 1.3% to $85.93 per barrel, while Brent crude, the international benchmark, dropped 1.3% to $93.22 a barrel.

The UK Maritime Trade Operations agency reported no confirmed attacks in the strait within the 48 hours leading up to Sunday, although it cautioned about a "continued risk of drifting or uncharted mines," with mine danger areas remaining active.