The United States is preparing to announce severe sanctions against Iran. President Trump stated Iran is completely collapsing under economic pressure. Iran's foreign minister dismissed the sanctions threat as desperation. Iran's economy faces severe pressure from existing international sanctions. The country has also disrupted shipping through the Strait of Hormuz.

Iran threatens a "devastating" response to U.S. economic sanctions aimed at toppling its leadership amid rising tensions.

Iran warns of a devastating response as the US prepares tougher sanctions, while falling oil flows through Hormuz raise concerns over global energy supplies.