The United States has threatened to impose damaging secondary sanctions on countries, financial institutions and companies that continue to provide economic lifelines to Iran, opening a potentially far-reaching new front in Washington’s campaign to isolate Tehran as the war approaches its six-month mark.
The United States is set to unleash what Treasury Secretary Scott Bessent has described as an “economic D-Day” against Iran, threatening to sever the country’s remaining financial and commercial lifelines.
Iran and China have pushed back against US President Donald Trump’s threat to impose what Washington says will be the “toughest sanctions in history” on Tehran, warning that unilateral economic pressure could further destabilise the region and damage global trade.
Oil prices remained near their highest level in more than three weeks on Friday as the deadlock over the Strait of Hormuz and a sharp escalation in US economic pressure on Iran raised fresh concerns about global energy supplies.
The United States and Iran have agreed on a roadmap aimed at reaching a comprehensive peace agreement in 60 days, marking a significant step forward in efforts to end hostilities despite renewed tensions over the Strait of Hormuz.
The United States has announced new sanctions on Iranian oil and petrochemical networks, the latest move in its 'maximum pressure' strategy to curb the country's key sources of income and limit funding for its military operations, said a report.
The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days in its latest attempt to ease oil prices that have been driven up by the Middle East conflict, said media reports. The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply.
Markets are facing a 'double whammy' of energy volatility and trade tensions flaring up again, says a financial expert amid escalating conflict involving Iran, while the Trump administration simultaneously launches sweeping new trade investigations targeting many of the world’s largest economies.
