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Sanctions and shipping pressure
President Donald Trump said Monday that Iran was "collapsing" before the U.S. unveiled nearly six-month war to heap economic pressure on Iran's rulers, with Treasury chief Scott Bessent vowing it would amount to "the single greatest financial offensive ever marshaled against an adversary."
“the single greatest financial offensive ever marshaled against an adversary.”
CBS News reported that talks between Iran and Oman on future management of the Strait of Hormuz are set to continue Tuesday, with fees being imposed a recurring theme in the negotiations over commercial shipping traffic.
In the same reporting, a British maritime agency said a projectile struck and disabled an oil tanker in the Strait of Hormuz off the coast of Oman, with the United Kingdom Maritime Trade Operations quoting that "The Master of an oil tanker reports the vessel has been struck by an unknown projectile" and that the crew was safe.
U.S. Central Command said Monday that the U.S. military redirected 71 commercial ships in its blockade against Iran, and that over 40 ships supporting humanitarian aid have been allowed to pass through the blockade.
Iranian and Israeli responses
Iran's president said Sunday that he believes the memorandum of understanding signed by the U.S. and his country in June remains the best path to end the war, but the agreement set a 60-day period for a wider peace deal that expired with no agreement and both countries declared the deal dead.
Iranian Economy Minister Ali Madanizadeh told state television that the Islamic Republic had a "two-year plan" to counter Washington, adding that "They have done everything they could to test the determination of the Iranian people" but "failed every time."
Israeli Prime Minister Benjamin Netanyahu said Monday that Iran had attempted to assassinate one of his two sons, telling Israel's Channel 14, "Something incredible happened: Iran targeted one of my sons."
Netanyahu said the Shin Bet domestic security agency had declined to provide a security detail for Gadi Eisenkot, and he backed around-the-clock protection for Eisenkot, saying it was "not a luxury" and that without it, "(the Iranians) will succeed."
Markets, allies, and escalation risk
Oil prices fell ahead of the U.S. vow to intensify economic war against Iran, with The New York Times reporting that Brent crude fell over 2 percent to $92.17 a barrel and that West Texas Intermediate fell by more than 2 percent to around $85.01 a barrel.
“But he provided few details on what President Trump has called an “economic D-Day” for Iran.”
The New York Times said Treasury Secretary Scott Bessent announced new efforts aimed at separating Iran’s economy from the rest of the world and that he provided few details on what President Trump has called an "economic D-Day" for Iran.
In a separate report, Bangkok Post said all eyes were on Bessent, who wrote in The Financial Times that Washington was launching the "single greatest financial offensive marshalled against an adversary," while noting there was "little confidence" a peace deal would open soon.
CNA reported that the U.S. warned allies and China last week to join Trump's new campaign, and it quoted Vice President JD Vance acknowledging the plan was a "delicate dance" because Iran will "try to apply economic pressure to us."