Economic siege escalates as U.S. readies sweeping Iran sanctions

The United States plans a tough new sanctions package aimed at crippling Iran’s economy, with Treasury Secretary Scott Bessent suggesting the measures could negate the need for major military action; Iran denounces the move as unlawful extraterritorial aggression while Tehran and its leadership push back. President Trump characterizes the move as the 'most crushing economic operation' against any country. Hormuz traffic remains subdued and oil prices drift as analysts question whether further sanctions will change Tehran’s behavior, noting Iran’s heavy existing penalties and potential geopolitical counterweights.