Iran Threatens to Halt All Gulf Oil Exports as US Prepares New Sanctions

Former IRGC commander Mohsen Rezaee warned August 24 that "not a single drop of oil will be exported" through the Strait of Hormuz or Persian Gulf if US sanctions continue. The threat came as Treasury Secretary Bessent prepared to unveil additional sanctions the same day. Roughly a fifth of global seaborne crude passes through Hormuz.