On Monday, Pakistan’s army chief visited Tehran to engage in diplomatic mediation as the United States prepared to implement what it describes as “the greatest financial offensive ever” against Iran’s trade partners. This initiative signals a significant escalation in economic pressure on Iran, coinciding with ongoing geopolitical tensions in the region.
Iran dismissed the US threat, vowing to shut down all oil exports from the Gulf “if the economic war continues” and issued a new warning to shipping not to pass through the Strait of Hormuz without its permission.
They did not say who had launched the projectile. 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’s Houthi allies last month said they would block Saudi oil exports diverted to the Red Sea to avoid Hormuz.
Bessent previously urged China to cooperate with the US, noting China historically has received half of its oil imports from the Gulf region. A projectile struck a tanker west of the Saudi port city of Yanbu in the Red Sea on Monday, causing a fire on the main deck, shipping monitors from the United Kingdom Maritime Trade Operations said. China’s foreign ministry said on Monday that sanctions and pressure tactics do not help resolve issues and that Beijing would do what was necessary to protect the country’s interests.
