Iran Says It May Stop All Gulf Oil Shipments as US Plans New Penalties

Iran's Mohsen Rezaee warned August 24 that no oil will leave the Persian Gulf through the Strait of Hormuz — a narrow shipping lane — if the US keeps imposing sanctions, which are penalties meant to pressure a country. His warning came as US Treasury Secretary Bessent prepared new sanctions the same day. About one-fifth of the world's oil travels through Hormuz.