A close ally of Iran’s supreme leader stated that Tehran will not submit to the United States, as the US prepares to announce further economic sanctions against Iran on Monday. This comes as President Donald Trump has threatened an Economic D-Day against the country.
Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, vowed to neutralize the economic war with the United States and threatened to halt oil flow out of the Strait of Hormuz. He also indicated that Iran has shipped 70 million barrels of oil in the past one to two months, despite a US blockade of Iranian ports that resumed in mid-July. The US Department of Energy reported that oil traffic through the Strait of Hormuz has averaged between 8 million and 9 million barrels per day, with ships attempting dark transits by turning off transponders and offloading crude to waiting tankers in the Gulf of Oman.
US Treasury Secretary Scott Bessent pledged economic measures that have never been seen against Iran. President Trump also stated on Truth Social that the US would begin the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY and warned of economic consequences for any country providing a lifeline to Iran. An Iranian Foreign Ministry spokesperson called Trump’s threats a recipe for an abysmal return to full-scale classic colonialism.
Meanwhile, US drivers are paying nearly $1 more per gallon for gas compared to a year ago, with the national average price on Friday at $4.11 per gallon. President Trump dismissed these effects, calling the conflict a little detour and blaming inflation on Democrats, promising gas prices would soon decrease.
Iran is allowing Iraqi oil tankers to travel through the Strait of Hormuz, following repeated requests from Baghdad. Shipping traffic through the strait remains at 20% of the pre-war average, though the number of ships crossing rose 27% in the past week, with 103 vessels entering and 89 leaving. The US Navy has aided in moving over 15 million barrels of oil and petroleum products through the strait this week.
US sanctions against Iran have been in place for nearly 50 years, since 1979, and are described as the most extensive and comprehensive set of sanctions maintained by the United States on any country. These penalties ban nearly all US trade with Iran, block Iranian government assets, and prohibit foreign assistance and arms sales. However, the US is allowed to sell food, medicine, and medical devices to Iran, and provide telecommunications equipment to help Iranians circumvent internet access restrictions.
Iran has urged Qatar to assist with the transfer of four missing Iranian pilots, downed earlier this year, to dry land. Kuwait had agreed to facilitate access to the men. Qatar’s spokesperson, however, refuted claims of detaining Iranian pilots, stating they fulfilled their duty in searching for remains and coordinated with Iran to return one pilot’s remains.
A refinery in Iran’s South Pars gas field, hit during an Israeli strike last year, is 70% repaired, with work expected to finish by March 2027. This refinery was targeted during a 12-day war between Iran and Israel in June 2025, leading to Iranian retaliation against Gulf neighbors’ energy facilities.
