US Treasury Secretary Scott Bessent is scheduled to announce new economic sanctions against Iran on Monday, August 24, 2026. This move follows President Donald Trump's warning of an "economic D-Day" for Iran, aiming to economically isolate the country and compel it to cease its nuclear program and ensure the free flow of oil through the Strait of Hormuz.
Bessent previously stated in a CNBC interview that he would detail the US plans, emphasizing the administration's intent to pressure allies to join the effort against Iran. He also warned that countries doing business with Tehran would be considered "either with us, or against us," signaling a broad crackdown on Iran's economic partners. In a Financial Times op-ed, Bessent described the upcoming actions as "the single greatest financial offensive ever marshalled against an adversary."
Iran, through its Foreign Minister Abbas Araghchi, has condemned the new sanctions, viewing them as a continuation of previous US pressure tactics. Tehran has also threatened to penalize ships violating transit rules in the Strait of Hormuz and to halt oil flow if neighboring countries participate in the US economic crackdown. The US Navy's USS George Washington is operating in the Arabian Sea, supporting military operations in the ongoing conflict with Iran.
