Live updates: US set to unveil ‘economic D-Day’ sanctions on Iran

Key Points:

• The United States plans to enforce existing sanctions on Iran more strictly, focusing on pressuring Tehran’s oil ecosystem rather than expanding sanctions, aiming to cut off Iran’s economic lifeline, particularly targeting oil exports to China.
• China buys about 90% of Iranian crude exports but denies this in customs data, with Beijing instructing companies to ignore US sanctions on independent Chinese refineries importing Iranian oil, limiting US leverage over China.
• Treasury Secretary Scott Bessent announced an “economic D-Day” against Iran, describing it as the “single greatest financial offensive ever” and warning countries that do business with Tehran of severe consequences, while also threatening swift US military response to any Iranian retaliation.
• Iranian leadership shows divisions over the conflict, with President Masoud Pezeshkian suggesting Iran cannot continue the war indefinitely and supporting negotiation, while security chief Mohsen Rezaei vows to counter the economic war and threatens to halt shipping through the Strait of Hormuz.
• Regional tensions persist as Oman’s foreign minister prepares to visit Tehran to discuss the Strait of Hormuz, a critical shipping route, amid ongoing disputes and threats from both Iran and the US regarding control over this strategic waterway.