Meanwhile, global oil prices dip as traders await further clarity on 'economic D-Day' measures.
• Iran sanctions: China says new US economic sanctions on Iran “will only further intensify tensions,” after US Treasury Secretary Scott Bessent threatened measures against Tehran’s trading partners. Iran claimed it was “fully prepared” to counter the sanctions.
• Under pressure: Among the sanctions are measures that will impact people in the US who send money to family members living in Iran. Amateur and professional sports activities and academic exchanges have also been suspended. Shipping firms now risk penalties for responding to information demands from organizations Iran has set up to manage the Strait of Hormuz.
• Talks latest: Meanwhile, Pakistan, a mediator in the US-Iran conflict, said it had a “very positive and productive meeting” with Iran’s president and that “significant progress” was made in talks regarding the war and wider Middle East tensions.
United States Treasury Secretary Scott Bessent told Iran’s trading partners on Monday to cut economic ties with the country or face sanctions, suggesting that actions taken earlier by the United Arab Emirates were “not coincident.”
