US Treasury Secretary Scott Bessent said the U.S. will unveil the “toughest sanctions in history” against Iran on Monday as the Trump administration shifts toward a new phase of economic pressure.
House Speaker Mike Johnson said Friday that economic sanctions will drive the “next phase” and suggested U.S. allies could help police the Strait of Hormuz and other waterways to keep commerce moving.
President Donald Trump reiterated Friday that the U.S. has “total control” of the Strait of Hormuz as a renewed American blockade squeezes Iranian oil exports. Iran has rejected Washington’s mounting economic pressure, while Iranian military chief Ali Abdollahi warned that any “new threats from enemies” would face a devastating response.
Meanwhile, the Pentagon has added 60 U.S. service members to its casualty tracking system, bringing the number wounded in the Middle East since the war with Iran began to 756.
Iran’s economic strain is deepening as sanctions and the U.S. blockade restrict oil exports, with inflation projected to approach 70% by year’s end and the economy forecast to shrink by more than 5%.
