U.S. Treasury Secretary Scott Bevin announced that on Monday, August 24, the United States will unveil its "harshest economic sanctions in history" against Iran, urging allied nations to join in the measures. Following this announcement, international oil prices surged by more than 2%, reaching their highest level in about a month.
In an interview with CNBC on August 20, Bevin stated, "If we apply maximum economic pressure, it means the likelihood of a large-scale military conflict is low," emphasizing a focus on economic sanctions over military options.
This statement follows remarks by President Donald Trump, who hinted at significant economic sanctions against Iran. On the previous day, Trump posted on social media platform Truth Social, warning that any U.S. financial institutions, companies, airports, or government agencies providing any form of lifeline to Iran would face severe economic consequences. He declared, "This will be economic D-Day, and all our allies must work with the U.S. to isolate and defeat the Iranian threat."
Bevin further warned countries that do not align with the U.S. stance, stating, "Not joining us is opposing us," and added that if nations continue to engage in remittances, purchase Iranian oil, or conduct maritime transshipments, the U.S. Treasury and government would exert full efforts to impose sanctions on those countries. He emphasized, "Now is the time for our allies and the world to make a decision. We will crush the economy of this murderous regime."
Bevin specifically called on China, noting, "China must remember that it imports 50% of its energy from the Gulf region. Therefore, joining our policy would be beneficial for China as well."
He described the upcoming sanctions as a "one-two punch" following maritime blockades, asserting, "We will announce the most severe sanctions ever." He also issued a warning, stating, "We will bring down this Iranian regime."
Bevin plans to hold a press conference on Monday to provide precise details on the sanctions. Amid rising tensions in the Middle East following his remarks, international oil prices increased by over 2%, marking their highest level since July 24.
Brent crude for October delivery rose 2.36% to $93.78, while West Texas Intermediate (WTI) for September climbed 2.33% to $87.83.
Meanwhile, Iranian Foreign Minister Abbas Araghchi criticized the U.S. threats, stating, "Repeating failed policies will only lead to further failure and more hatred from the Iranian people."
* This article has been translated by AI.
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