Iran War Updates: U.S. to unveil new sanctions Trump said would hit Iran with an “economic D-Day”

Treasury Secretary Scott Bessent will unveil new sanctions against Iran Monday that he described as “the single greatest financial offensive ever marshalled against an adversary.” The move is part of a shift in U.S. strategy in the nearly six-month war to heap economic pressure on Iran’s rulers in the hope of breaking the stalemate between the two countries.

Talks between Iran and Oman on future management of the Strait of Hormuz are set to continue Tuesday. The two countries have negotiated for weeks over a new system to manage commercial shipping traffic through the vital waterway, with the notion of fees being imposed a recurring theme.

Iran’s president said Sunday that he believes the memorandum of understanding signed by the U.S. and his country in June remains the best path to end the war. The agreement set a 60-day period for a wider peace deal to be negotiated, but that deadline expired with no agreement, and both countries have declared the deal dead.

Iran will respond to U.S. sanctions, foreign ministry says

Iran’s foreign ministry spokesman warned Monday that Tehran would respond harshly to new U.S. sanctions, including with measures against countries it sees as cooperating with Washington.

“Any escalation of this situation will undoubtedly bring about consequences,” Esmaeil Baghaei said. “Our hands are not tied.”