US threatens toughest sanctions on Iran

The United States, led by Treasury Secretary Scott Bessent, is preparing to announce what it calls 'the toughest sanctions in history' against Iran, shifting from military strikes to economic isolation. Iran's foreign minister Abbas Araghchi dismissed the threat as a sign of desperation, asserting that previous blockades and military actions have failed. Iran has effectively blockaded the Strait of Hormuz, halting unauthorized oil tanker traffic and pushing up global oil prices. The U.S. is pressuring China, which buys over 80% of Iran's oil, to cooperate. Pakistan's army chief Asim Munir is set to visit Tehran to mediate. Iran's economy is already severely strained, with inflation above 80% and the Iran — Iranian rial losing nearly 30% of its value this year. The International Monetary Fund projects a 6.1% contraction in Iran's economy. President Masoud Pezeshkian has called for a diplomatic solution, while hardliners in the Islamic Revolutionary Guard Corps remain defiant. The U.S. has not achieved its war objectives, including dismantling Iran's nuclear program, and UN inspectors remain shut out.