Bessent Declares an 'Economic D-Day' Against Iran as Tehran Threatens to Seize Ships in the Strait of Hormuz

Treasury Secretary Scott Bessent said the United States would unveil on Monday, Aug. 24, what he called 'the single greatest financial offensive ever' against Iran. In a post on X on Sunday evening he wrote that 'at dawn begins an economic D-Day,' framing the measures as the 'endgame' of Washington's campaign against Tehran. He added in a Financial Times op-ed that any nation serving as 'a financial artery' of the regime 'should expect to share in its isolation.' Specifics had not been released at the time of reporting.

The announcement extends a sanctions regime covering Iran's banking, energy, aviation and cryptocurrency sectors, and signals secondary sanctions aimed at third countries and foreign banks. It follows both sides letting a 60-day ceasefire window lapse, closing the formal truce mechanism in a war now in its sixth month.

Iran's state-run Persian Gulf Strait Authority warned that vessels breaching its transit rules in the Strait of Hormuz could face fines, seizure or confiscation. Foreign Minister Abbas Araghchi called the sanctions threat 'desperate.'