1 week ago
US Seeks Allies’ Support for Economic War on Iran
The United States wants to put much stronger economic pressure on Iran.
President Donald Trump called the plan the biggest economic attack ever against a country.
Treasury Secretary Scott Bessent said new sanctions would be the toughest in history.
He said the plan might reduce the need for another large military operation, at least for now.
The United States asked its allies and China to help isolate Iran’s economy.
Iran’s foreign minister rejected the plan and called the sanctions economic terrorism.
He also said the American threats were meant to distract from problems in the United States.
Tensions are especially high around the Strait of Hormuz, an important route for oil shipments.
Oil prices increased because traders worried that the conflict could disrupt more supplies.
US Central Command said American forces had redirected, disabled or boarded several commercial ships as part of a blockade effort.
The United States urged allies and China to support President Donald Trump’s campaign to isolate Iran’s economy.
Treasury Secretary Scott Bessent promised the toughest sanctions in history, with more details expected at a Monday press conference.
Iranian Foreign Minister Abbas Araghchi called the sanctions economic terrorism and said they would fail.
Oil prices rose, with West Texas Intermediate above $86 and Brent near $94 amid concerns about further disruption.
US Central Command said American forces redirected 67 vessels, disabled three and boarded two during a blockade effort.
- Who
- The United States, President Donald Trump, Treasury Secretary Scott Bessent, Vice President JD Vance, Iran, Foreign Minister Abbas Araghchi, China and US allies.
- What
- The United States is seeking international support for an intensified economic campaign and blockade effort against Iran.
- Where
- The economic and military measures involve Iran, the Strait of Hormuz, the Arabian Sea and the wider Middle East.
- When
- The appeals and announcements were reported on Thursday; hostilities had escalated on February 28, and further sanctions details were promised for Monday.
- Why
- Washington says it wants to isolate Iran’s economy and pressure its government, while Iranian officials say the sanctions violate Iranians’ rights and constitute economic terrorism.
United States’ position
Iran’s position
Purpose of economic pressure
United States’ position
The United States says maximum economic pressure can isolate Iran, pressure its government and reduce the likelihood of another large-scale military operation.
Iran’s position
Iran says the sanctions target the fundamental human rights of Iranian citizens and amount to economic terrorism and crimes against humanity.
International participation
United States’ position
Washington is urging allies and China to avoid providing Iran with an economic lifeline and to support the isolation campaign.
Iran’s position
Iran rejects the US pressure campaign and says the threats will fail.
Reason for the escalation
United States’ position
The United States presents the economic campaign as a response to the ongoing war and stalled military progress against Iran.
Iran’s position
Araghchi says the so-called Economic D-Day diverts attention from America’s debt and rising interest costs.
Key facts
- Planned sanctions
- Scott Bessent said the United States would impose the toughest sanctions in history on Iran.
- International appeal
- Washington asked its allies and China to support efforts to isolate Iran’s economy.
- Iranian response
- Abbas Araghchi and Iran’s foreign ministry described the sanctions as economic terrorism and crimes against humanity.
- Sanctions details
- Bessent said he would provide more information at a Monday press conference.
- West Texas Intermediate
- October futures traded above $86 a barrel and were on pace for an almost 6% weekly gain.
- Brent crude
- The global benchmark closed near $94 after rising for five consecutive sessions.
- Vessel activity
- US Central Command said forces redirected 67 commercial vessels, disabled three and boarded two.
Quotes
Treasury Secretary Scott Bessent
U.S. Treasury Secretary
“"Any remaining tie to Tehran will hasten a nation's economic oblivion, whether that tie be purposefully constructed or willfully ignored."”
deccanchronicle.com
“"the toughest sanctions in history"”
livemint.com
Vice President J.D. Vance
Vice President of the United States
“"the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY! This will be Economic Warfare and Isolation on an unprecedented scale."”
deccanchronicle.com
“"We're kind of now in a new phase where the most effective tool that we have is the economic pressure that we can apply to them."”
deccanchronicle.com
Abbas Araghchi
Iran's Foreign Minister
“"Economic terrorism" and "crimes against humanity"”
livemint.com
Sources
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