Iran denounces upcoming US sanctions as threat to economy and oil trade
Iran condemned the United States' plan to unveil new sanctions, warning they would further damage its economy and affect key trade partners such as China.
Iran's foreign ministry spokesperson Esmaeil Baghaei labeled the United States' imminent sanctions announcement as an illegitimate claim of extraterritorial sovereignty, lacking any legal foundation. Treasury Secretary Scott Bessent will hold a press conference to detail what he described as the toughest sanctions ever imposed on Iran, urging cooperation from China, which purchases over 80% of Iranian oil shipments. The conflict, now six months old, has left oil traffic in the Strait of Hormuz nearly halted, with Tehran threatening to attack unauthorized tankers, though it has allowed several Iraqi vessels to transit.
Iranian armed forces chief of staff Major General Ali Abdollahi pledged “crushing, punishing and devastating” military retaliation to enemy threats. U.S. President Donald Trump warned of economic consequences for any country aiding Iran, while Iran’s parliamentary speaker Mohammad Baqer Qalibaf criticized the United States for endangering regional security. President Masoud Pezeshkian called for a diplomatic resolution, emphasizing Iran's desire to end the war while preserving its dignity.
Why it matters
New US sanctions could deepen Iran’s economic crisis and further disrupt global oil markets.
How this story developed
- Jul 20 U.S. and Iran intensify air strikes over Strait of Hormuz, diplomacy stalls
- Aug 18 Trump opened back‑channel contact with the IRGC using former DNI Tulsi Gabbard as an intermediary.
- Aug 19 The carrier reached more than 260 days at sea, establishing a Navy record for the longest uninterrupted deployment without a port call.
- Aug 19 Only six vessels crossed the Strait of Hormuz on Tuesday, down from nine the day before, as shipowners wait for definitive guidance on reopening after the Iran war blockade.
- Aug 19 UAE announced a trade suspension with Iran after detecting two ballistic missiles.
- Aug 20 Iran announced a restructuring of senior military leaders and an update to its military doctrine to prioritize offensive operations.
- Aug 20 U.S. naval escorts have increased, moving roughly five million barrels per day in July, up from about four million in June.
- Aug 21 UAE ministry stressed a high‑alert posture after two Iranian missiles landed in its waters.
- Aug 21 Iranian parliamentary speaker Mohammad Baqer Qalibaf said the United States’ turn to economic pressure proves Washington cannot defeat Iran on the battlefield.
- Aug 21 Iranian President Masoud Pezeshkian called for ending the conflict with the United States, saying Tehran can negotiate from a position of strength and that the world should recognize Iran’s claimed victory.
- Aug 21 The administration has announced plans for a new battleship class and a redesign of current carriers.
- Aug 21 Iran finalized a preferential trade agreement with Oman.
- Aug 22 President Pezeshkian publicly urged the United States to conclude hostilities.
- Aug 22 Oil traffic through the Strait of Hormuz has virtually ceased, with only four commodity ships recorded on Thursday.
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