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Iran war live: US vows ‘economic D-Day’; Tehran threatens Gulf oil exports

Draft law says ships of countries permitted to pass through the Strait of Hormuz will pay for services provided by Tehran.

ships in the strait of hormuz
Ships are anchored in the Strait of Hormuz, off the coast of Bandar Abbas, Iran, on August 10 [Ali Saeedi/Getty Images]
By Adam Hancock and Heba Habib
Published On 24 Aug 2026

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  • US Treasury Secretary Scott Bessent says Washington aims to “sever every economic lifeline” that sustains Iran ahead of an expected announcement from the US to impose extreme economic sanctions against Iran.
  • Iran security chief Mohsen Rezaei warns that if Trump’s “economic war” continues, Tehran will halt all oil exports from the Gulf and treat any country’s support for US sanctions as “an act of war”.