Tehran threatens to halt all Gulf oil exports over US ‘economic war’

WASHINGTON — Iran vowed to shut down all oil exports from the Gulf as the United States prepared to roll out economic sanctions on Monday, threatening Tehran with what it called “the greatest financial offensive ever marshalled”.Iran’s Supreme National Security Council Secretary Mohsen Rezaei on Monday warned that Tehran could halt all oil exports through the Strait of Hormuz and elsewhere in the Arabian Gulf if the United States’ “economic war” against Iran continues.Rezaei, in a post on X, also warned that Iran would consider any country supporting or participating in the US economic campaign against Tehran to be an “act of war.”US Treasury Secretary Scott Bessent will hold a press conference at 1 p.m. EDT (1700 GMT) on Monday amid promises to reveal even more severe measures on a country that has endured near-continuous economic sanctions since the Islamic Revolution of 1979.“At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary,” Bessent wrote in an opinion piece published in the Financial Times on Sunday.The warring nations have not conducted military strikes against each other for weeks, ‌but they also ‌have not engaged in meaningful talks to end the six-month-old conflict.Without detailing specific measures, Bessent signaled the US would target “fearful nations” that practice “appeasement” ⁠by engaging with Iran’s economy and financial system.“They would do well to consider ‌the consequences of sustaining it,” he wrote in the Financial Times. Iran ‌has been bracing for the sanctions for days, issuing a series of strongly worded statements hinting at a major military response.Iran’s Persian Gulf Strait Authority on warned Sunday that vessels failing to comply with its transit rules in the Strait of Hormuz could face fines, detention or seizure during subsequent crossings.In a statement on the social media platform X, the authority urged companies transporting cargo to or from the Gulf to check an updated list of vessels accused of violations before chartering any ship.It said vessels cooperating with ships already on the list would also be added from Sunday, including those involved in ship-to-ship cargo transfers, transshipment and similar operations.Bessent previously urged China to cooperate with the US, noting China historically has received half ‌of its oil imports from the Gulf region. A spokesperson for China’s embassy in Washington responded with a statement that “sanctions and pressure do not help resolve the problem,” ⁠while calling for diplomacy.Iran’s economy ⁠was already under pressure from international sanctions before the US and Israeli attacks destroyed parts of its infrastructure.Though Tehran remains outwardly defiant, Iranian officials have warned that further economic punishment could increase hardships, reignite unrest and further erode the Islamic Republic’s legitimacy.Iran entered the war with high inflation, a weakening currency, energy shortages, sanctions and deep structural weaknesses, and must now contend with damaged infrastructure, disrupted trade, lost production and the cost of rebuilding.Iran said Pakistan’s army chief, Asim Munir, will visit Tehran on Monday as part of efforts to restore peace and security in the region, but gave few details.Pakistan has been mediating in the conflict and a Pakistani government source said Munir would touch on recent developments including the US threat of new sanctions.