- U.S. President Donald threatened the 'most crushing economic operation ever taken against any country' against Iran.
- Treasury Secretary Bessent told CNBC that the plan to crush will likely negate the need for major U.S. operations, vowing 'the greatest coordinated economic isolation in the history of the world' against Iran.
- Bessent announced he will hold a news conference on Monday to 'talk about exactly what we're going to do' and previewed that the U.S. will tell all allies, 'You are either with us or against us.'
- Vice President JD Vance stated that economic pressure is the U.S.'s 'most effective tool' against Iran, describing the situation as 'a delicate dance.'
- Iran's parliament speaker Mohammad Baqer Qalibaf urged Muslim countries to devise a plan to overcome 'cruel' sanctions.
- Iranian President Masoud Pezeshkian described the June 17 MOU with the U.S. as a victory, stating 'it is better to end the war today.'
- Oil prices finished the week more than 5% higher after Bessent's comments, with Brent at $94.39 and WTI at $87.06.
- Shipping through the Strait of Hormuz remains a fraction of pre-war levels, with 10 crossings on Monday and two on Sunday.
- Analyst Helima Croft of RBC Capital Markets questioned the effectiveness of new sanctions, noting Iran is already one of the most sanctioned countries.
- Croft expressed uncertainty about whether the U.S. will target China and Russia, who are partners of Iran.
- Croft raised the question of whether more sanctions will change Iran's behavior, as Tehran appears to believe it can outlast the U.S.
Iran's Foreign Ministry criticized the U.S. for its upcoming sanctions, labeling them as unlawful 'economic warfare' and an infringement on the sovereignty of UN member states.
Treasury Secretary Bessent stated that the U.S. aims to implement the 'greatest coordinated economic isolation in the history of the world' against Iran, indicating a significant escalation in economic pressure.
He emphasized that the U.S. will inform its allies, 'You are either with us or against us,' as part of a strategy to isolate Tehran.
Vice President JD Vance described economic pressure as the U.S.'s 'most effective tool' against Iran, while Iranian officials, including parliament speaker Mohammad Baqer Qalibaf, called for Muslim nations to unite against what they termed 'cruel' sanctions.678
The sanctions come amid ongoing tensions, with President Trump previously threatening severe penalties on nations aiding Iran.
Despite the sanctions, analysts question their effectiveness, noting that Iran is already one of the most sanctioned countries globally.12
Helima Croft from RBC Capital Markets remarked, 'The question is whether more sanctions will change Iran's behavior,' suggesting Tehran believes it can endure the pressure.
Oil prices have fluctuated in response to these developments, with recent increases attributed to the heightened tensions and sanctions.
As the U.S. prepares for these sanctions, the situation remains fluid, with both sides applying pressure while avoiding direct military confrontation.
“Bessent will hold a news conference Monday to detail the plan, telling allies 'You are either with us or against us.' Oil prices finished the week more than 5% higher, with Brent at $94.39, while Strait of Hormuz traffic remains low at 10 crossings Monday.”
CNBC
