Bessent Unveils 'Economic D-Day' Sanctions Against Iran, Iran Warns of Hormuz Ship Seizures

Treasury Secretary Scott Bessent unveiled a sweeping new round of economic measures against Iran on Monday, August 24, 2026, branded by Bessent and Trump as an 'economic D-Day' and described by Bessent as 'the single greatest financial offensive ever.' Writing in the Financial Times, Bessent said the goal was to 'sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone,' with the sanctions aimed at foreign governments and entities — particularly China, which buys roughly 90% of Iran's oil exports — that continue trading with Tehran. Iran's currency has plunged to a record low and inflation is near 90%. Iran's top security official, Mohsen Rezaei, warned of 'seismic' retaliation and threatened to seize ships transiting the Strait of Hormuz in violation of Iranian rules if neighboring countries join the sanctions push.