The U.S. plans to implement new sanctions targeting Iranian trading partners, sparking concerns from China. Traffic through the Strait of Hormuz has sharply decreased, causing oil prices to continue climbing. Iranian officials remain confident yet acknowledge the economic strain caused by ongoing sanctions.
Iran condemned the United States on Saturday for announcing upcoming sanctions that threaten to further damage the country’s economy and its key trading partners, including China. Since the U.S. and Israel launched airstrikes against Iran on February 28, nearly six months ago, the conflict has not escalated to direct military exchanges, nor has there been progress toward peace negotiations.
Oil export movement in the Strait of Hormuz has halted almost entirely, with Iran warning it will target any unapproved oil tankers trying to navigate the crucial waterway. The Iranian economy is already under significant pressure due to sanctions.
U.S. Treasury Secretary Scott Bessent is scheduled to hold a press conference Monday at 2 p.m. EDT (6 p.m. GMT) after vowing to impose “the toughest sanctions in history” on Iran. Bessent has also called on China to work with the U.S., as it imports over 80% of Iran’s oil, according to 2025 data from Kpler. China has emphasized the importance of diplomatic solutions.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei accused the U.S. of overreach, calling the upcoming sanctions an “assertion of extraterritorial sovereignty over every independent member state of the United Nations.” He stated on X that such secondary sanctions have no legal basis internationally.
Mohsen Rezaei, the secretary of Iran’s Supreme National Security Council, threatened that Iran would target the interests of countries aiding the U.S. in its efforts. “We advise neighboring countries not to join the U.S. economic war; otherwise, we will consider them enemies,” he warned.
U.S. President Donald Trump, who has warned of severe economic consequences against any country providing aid to Iran, remarked Friday that the U.S. is watching the situation closely. He opined that Iran wants to negotiate but isn’t ready to make the right deal.
While the U.S. has effectively blockaded Iranian vessels, traffic through the Strait of Hormuz remains minimal, with only four small cargo ships passing Thursday, none being major crude or LNG carriers. Iran has granted passage to several Iraqi oil tankers following Baghdad’s repeated requests, according to IRNA, Iran’s state news agency.
Prior to the conflict, around 20 million barrels of oil per day traversed the Strait, but current estimates suggest the U.S. military now moves about 8 million barrels daily—a fraction of global consumption. Despite severe damage to Iran’s navy and air force from sanctions and strikes, Tehran retains missile and drone capabilities potentially threatening tanker traffic.
Iran’s armed forces chief of staff, Abdollahi, highlighted the country’s missile manufacturing advancements. During a visit to an underground ballistic missile production facility, he stated the plant now produces equipment of higher capacity and quality than in the past.
Qalibaf, Iran’s parliamentary speaker, mentioned that several neighboring nations have expressed interest in forming new regional security frameworks and enhancing economic cooperation. Without naming specific countries, he accused the U.S. of jeopardizing regional stability for Israel’s benefit and advocated for a regional order based on independence and self-reliance to secure peace.
Despite ongoing conflict, President Masoud Pezeshkian has called for diplomatic resolution, emphasizing Iran’s strength and international support. He stated it would be better to end the war immediately, asserting Iran’s victory and condemning U.S. attacks on civilian infrastructure.
Thousands have lost their lives, primarily in Iran, where 168 schoolchildren were killed on the war’s first day. The U.S. reports over 750 American military injuries and 18 deaths. Iran remains resilient but open to dialogue, with some officials urging negotiations over continued conflict.