Iran threatens to halt oil exports amid US's economic war
What's the story
Iran has threatened to stop all oil exports from the Persian Gulf if the United States continues its economic war against Tehran. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said on X that "not a single drop of oil will be exported." This comes after US President Donald Trump announced what he called the "most crushing economic operation" against Iran and warned countries trading with Tehran of "tremendous" consequences.
Economic escalation
'Endgame' of war on Iran
On Monday, US Treasury Secretary Scott Bessent spoke of Trump's "economic D-Day," saying Washington was moving toward its strongest financial campaign against Tehran.
Bessent said the US was entering the "endgame" of its war on Iran and planned to use economic powers to cut off financial channels supporting the Iranian government.
He accused Iran of treating security guarantees as "extortion" and said Tehran assumed retaliation would be certain while US enforcement could be negotiated.
Sanctions announced
Halt activities helping Tehran bypass sanctions
Trump has announced an unprecedented campaign of economic pressure aimed at isolating Iran and cutting off its funding sources.
He warned financial institutions, businesses, airports, and government entities supporting Iran would face "tremendous" consequences.
The US plans to halt activities helping Tehran bypass sanctions like oil smuggling, swap lines, cash transfers, exchange houses, ship registries, and front companies.
Criticism voiced
Oil prices fall as markets await US plan
Iranian Parliament Speaker Mohammad Bagher Ghalibaf criticized the sanctions threat, sarcastically suggesting unconventional solutions to economic issues.
He said a "frozen foreign policy delivers a frozen economy," implying that the US's approach was stifling economic growth.
Meanwhile, oil prices fell after two weeks of gains as markets awaited details of the US plan to isolate Iran economically.
Strategic route
Strait of Hormuz threat looms large
The Strait of Hormuz is a crucial passage for global energy shipments, making any disruption a potential threat to international oil supplies and trade.
While Trump claimed the waterway was open, Iranian officials said it would remain closed until Washington met certain conditions.
These include lifting the blockade, releasing frozen Iranian assets, and easing oil sanctions.