US declares economic war on Iran

Treasury Secretary Scott Bessent announced the United States is entering an 'endgame' with Iran, vowing to sever all remaining economic lifelines with what he called the 'toughest' sanctions in history.

The announcement follows President Trump's claim of 'TOTAL CONTROL' over the Strait of Hormuz, with military options still on the table.

Tehran has dismissed the economic warfare threat, while global oil markets reacted with a 2.3% drop in crude prices.

The escalating rhetoric marks a significant hardening of US policy toward Iran.