Iran has accused US president Donald Trump of threatening "economic terrorism" after the US treasury said it would introduce the “toughest sanctions in history" against Tehran.
Trump has promised to wage "Economic Warfare and Isolation on an unprecedented scale”, suggesting the US will extend sanctions to allies that have helped mediate peace talks.
"ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," Trump wrote.
US treasury secretary Scott Bessent also made a similar warning, calling on allies to pick a side.
"We are going to collapse this regime. It is time for our allies and the rest of the world to make a decision," Bessent told broadcaster CNBC. "You are either with us or against us," he said.
Foreign minister Abbas Araghchi said that further sanctions would only bring “further defeat” to the US and said Trump was seeking to create a “diversion from America’s own crisis: unprecedented debt and surging interest costs”.
Meanwhile, over 750 members of the US military have been injured since the Iran war began, US officials said. More than 50 soldiers were added to the Pentagon’s casualty database on Wednesday, bringing the total figures to 757 injured and 18 killed.
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Key Points
- Iran says sanctions against them are 'economic terrorism'
- Trump threatens 'tremendous economic consequences' for any nation that helps Iran financially
- Syria says Israeli strike on airbase had no justification
- Oil prices steady as investors assess US-Iran war outlook
- US military presence in Middle East could be cut back after Iran war ends: report
- US reporter calls Trump's latest threats 'not practical'
Bessent sidesteps question on sanctions on China amid warning to those supporting Iran
06:24 , Shweta SharmaUS Treasury Secretary Scott Bessent has urged China to “get with the programme” as Washington ramps up economic pressure on Iran, warning Beijing that it relies heavily on Gulf energy.
China buys more than 80 per cent of Iran's shipped oil, according to 2025 data from analytics firm Kpler, but engaging in further economic warfare with China, a major exporter to the US including vital rare-earth minerals, risks retaliation against Washington.
When asked if the United States could target China for doing business with Iran, Bessent said many conversations were best to have in private.
"Keep in mind that the Chinese get 50% (of their) energy... from the Gulf. So it would do them a big service to get with the program," he said.
China's embassy in Washington said "sanctions and pressure do not help resolve the problem."
"China calls on the relevant parties to take responsible actions and resolve the issue through political and diplomatic means," according to an embassy spokesperson.
Oil flows tripled before ceasefire deal expired, according to analysis
05:47 , Shweta SharmaShip tracking data by Kpler reveals that oil flows through the Strait of Hormuz had nearly tripled before a 60-day ceasefire agreement expired.
Around 374 million barrels transited through the Gulf amounting to around 6.1 million barrels per day, according to a briefing published on Wednesday.
Before the MoU was signed this was around 2.3 million barrels. But despite the halting progress through the agreement period, numbers have not reached the heights of 15 million barrels a day prior to the conflict.
US hits Hezbollah with fresh sanctions
05:29 , Shweta SharmaThe US issued fresh sanctions targeting Lebanon's Hezbollah, including re-designating it over actions on behalf of the Iranian government.
The Treasury Department redesignated the group "for service to the Iranian regime under the command of Iran’s Islamic Revolutionary Guard Corps-Quds Force," according to the statement.
A US official, who spoke on condition of anonymity, said the redesignation was intended to show that Hezbollah is acting on behalf of the Iranian government, specifically Iran's Islamic Revolutionary Guard Corps Quds Force.
The US official said Thursday's move was not part of new actions the US has vowed it will take against Iran.
Iran says sanctions against them are 'economic terrorism'
05:00 , Shweta SharmaIran's foreign ministry said it condemned US economic and trade sanctions, calling them "economic terrorism" that would not "create even the slightest hesitation in Iranians’ determination to safeguard Iran’s independence, dignity and national sovereignty."
Foreign minister Abbas Araghchi said Trump's latest post warning of unprecedented economic isolation was "a diversion" from America's own economic problems.
"Doubling down on failed policies will only bring further defeat – and enmity of Iranians," he wrote on X.
Trump is under pressure at home to end the unpopular war, with high fuel prices dragging down his approval ratings and potentially threatening his party's control of Congress in midterm elections in November.
Trump vows 'crushing economic operation' against Iran
04:44 , Shweta SharmaDonald Trump promised "Economic Warfare and Isolation on an unprecedented scale” against Iran.
In a Truth Social post, he did not say what specific steps the US would take or name any country, though the warning would appear to extend to US allies that have helped mediate peace talks.
He warned that he would launch "the most crushing economic operation ever taken against any country".
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"ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," Trump said.
"Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies - it all needs to stop NOW. You know who you are."
Oil set for second weekly rise
04:30 , Shweta SharmaOil prices were on track for a second weekly rise with little change on Friday as the stalemated US-Iran war continues to disrupt supply from the key Middle East producing region.
Brent crude futures rose 4 cents to $93.82 a barrel by 0142 GMT, after climbing 2.4 per cent in the previous session.
US West Texas Intermediate crude futures slipped 6 cents to $86.78 a barrel, after climbing 2.3 per cent in the prior session.
Over the previous five days of gains, Brent rose more than 7 per cent and WTI climbed more than 8 per cent, reaching their highest levels since July 24.
Prices have climbed on concerns the inconclusive state of the US-Israeli war on Iran will mean the continued curtailment of supply from major oil producers such as Saudi Arabia, Iraq, the UAE and Kuwait.
US says it will impose 'toughest sanctions in history' on Iran
03:53 , Shweta SharmaUS treasury chief Scott Bessent said the United States will impose "the toughest sanctions in history" on Iran, a move he suggested would lessen the need for new major military operations.
Bessent's comments on Thursday followed President Donald Trump's threat a day earlier of "Economic Warfare" and warning of economic consequences against any country that provided "any type of lifeline to Iran."
Bessent told CNBC he would share more details on the latest package and "talk about exactly what we're going to do" on Iran at a press conference on Monday.
"It is a one-two punch. We have the blockade (on Iran), and we are going to have the toughest sanctions in history," he added, referring to a US naval blockade imposed on Iran in April and paused for a month in mid-June.
"I'm not sure why oil has popped up on this," Bessent told CNBC. "If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart," he said, using a term referring to military force.
"It is going to work in Iran and we are going to collapse this regime. It is time for our allies and the rest of the world to make a decision," he said.
Over 750 US service members wounded since start of Iran war
03:00 , Maira ButtOver 750 members of the US military have been injured since the Iran war began, according to data published the department of defence’s website and analysed by CNN.
More than 50 soldiers were added to the Pentagon’s casualty database on Wednesday.
Trump officials worked with Iran on deportation lists as tensions exploded, emails reveal
02:00 , Maira ButtNewly disclosed emails show U.S. immigration officials worked directly with Iranian representatives to deport Iranian nationals in 2025, even as tensions between Washington and Tehran were escalating.
The records, obtained by the National Iranian American Council and released Tuesday, detail cooperation surrounding three removal flights in September and December 2025 and January 2026 that returned more than 100 Iranians.
The emails indicate Iranian representatives requested changes to proposed passenger lists and that U.S. officials sometimes accommodated those requests.
Trump officials worked with Iran on deportation as tensions exploded, emails reveal
Oman says lasting security in Strait of Hormuz requires regional peace
01:00 , Maira ButtOman said lasting security in the Strait of Hormuz required permanent peace in the region and rejected further escalation or conflict, its foreign minister told his Japanese counterpart.
Iran has said a deal with Oman on new shipping lanes through the strait was in its final stages.
Iran threatens to attack US targets in Europe if Trump escalates war, says report
Friday 21 August 2026 00:01 , Maira ButtIran is considering launching attacks on US military targets in Europe if President Donald Trump escalates the conflict, according to a report.
Sources close to Iran’s government told the Financial Times that potential targets included a British air base in Cyprus that was targeted by a drone in March.
Other countries in southeastern Europe such as Bulgaria, which approved US access to its Bezmer air base for refuelling last month, were also weighed up as a potential target for strikes.
It follows warnings that Tehran is considering switching to a “fully offensive” strategy, a senior Iranian official told Reuters on Monday.
Iran threatens to attack US targets in Europe if Trump escalates war, says report
Is it safe to travel to Dubai and Abu Dhabi? Latest advice after alleged Iran missiles target UAE
Thursday 20 August 2026 23:00 , Maira ButtHolidaymakers may again be feeling a sense of uncertainty over travel to the Middle East after another wave of strikes in the region.
The United Arab Emirates has imposed an indefinite trade embargo on Iran after claiming the country fired two ballistic missiles on Tuesday.
Despite the escalations, the UK’s Foreign Office (FCDO) has not changed its new advice for travel to the United Arab Emirates (UAE), published on 18 June, which removed the “all but essential travel” advisory.
The country, popular among tourists for its ultra-modern cities such as Dubai and Abu Dhabi, was subject to travel advisories for months following the outbreak of war between Iran and the US.
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Is it safe to travel to Dubai and Abu Dhabi? Latest advice after alleged missiles
Oil flows tripled before ceasefire deal expired, according to analysis
Thursday 20 August 2026 22:00 , Maira ButtShip tracking data by Kpler reveals that oil flows through the Strait of Hormuz had nearly tripled before a 60-day ceasefire agreement expired.
Around 374 million barrels transited through the Gulf amounting to around 6.1 million barrels per day, according to a briefing published on Wednesday.
Before the MoU was signed this was around 2.3 million barrels. But despite the halting progress through the agreement period, numbers have not reached the heights of 15 million barrels a day prior to the conflict.
Watch: Trump sheds light on plan to increase Iran sanctions
Thursday 20 August 2026 21:00 , Maira ButtPutin and Iran are both threatening to hit UK targets – this is why we should take them seriously
Thursday 20 August 2026 20:00 , Maira ButtThe deeper the support for Ukraine, the “higher the price [the UK] will pay”. Those are the words of the Russian embassy as it reacted to reports that Ukrainian forces had used drones built by the UK in the ongoing war.
To his credit, prime minister Andy Burnham has said Britain will continue to fully support Ukraine in the wake of such threats from Putin. But if the Kremlin were ever to see through such a plan, things might not be so triumphant.
Imagine, just before first light, a re-flagged shadow fleet cargo ship sailing up the North Sea launches a dozen Shahed drones against London. As the UK has no air defence radar looking in this direction, the first notification of this strike comes from Dutch radar.
How Putin and Iran’s strike threats on the UK could become real
Beyond the Strait of Hormuz: How Gulf countries are preparing for life without the waterway
Thursday 20 August 2026 19:00 , Maira ButtJebel Ali, built in 1977, has made the UAE a hub of finance and trade, but weeks ago it was set alight by a piece of fallen debris from an Iranian missile. Since then, Dubai International Airport, US military bases and other facilities have come under direct attack.
The UAE has been the hardest hit of all the Gulf countries with the FT reporting that almost 3,000 drones and missiles have hit it since US-Israeli attacks began on Iran on 28 February.
How Gulf countries are preparing for life without the Strait of Hormuz
Watch: Trump cannot let Iran make him ‘look like a loser,’ says former Fox News personality
Thursday 20 August 2026 18:40 , Dan HaygarthTrump threatens to crush Iran with ‘Economic D Day’ - but he is running out of cards to play
Thursday 20 August 2026 18:20 , Maira ButtPresident Donald Trump has issued another economic threat against Iran, vowing “TREMENDOUS Economic Consequences” for any country that trades with Tehran.
In another rant on Truth Social on Wednesday, he wrote: “ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences.
“This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat.”
Tehran’s foreign minister Abbas Araghchi said that the threats would only bring Trump “further defeat” as he struggles to find an exit strategy from an unpopular war.
Trump threatens Iran with ‘Economic D Day’ - but he is running out of cards to play
US treasury secretary Bessent to hold press conference on Iran on Monday
Thursday 20 August 2026 17:40 , Dan Haygarth
US treasury secretary Scott Bessent said on Thursday that he would hold a press conference on Monday "to talk about exactly what we're going to do" on Iran.
Donald Trump on Wednesday warned of economic consequences against any country that provided "any type of lifeline to Iran" as the United States looks to resolve a war it began alongside Israel nearly six months ago.
"I think oil markets are misinterpreting what this economic pressure means," Bessent told CNBC.
Oil prices climbed to more than three-week highs on Thursday,
"We have asymmetric information, and I'm not sure why oil has popped up on this," Bessent said.
"If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart."
When asked if the United States could target China for doing business with Iran, Bessent said many conversations were best to have in private.
"We are confident that everyone wants the Strait (of Hormuz) reopened, and for energy prices to come back down," he said.
"Keep in mind that the Chinese get 50 per cent (of their) energy from inside from the Gulf. So it would do them a big service to get with the program."
In a social media message on Wednesday, Trump promised "Economic Warfare and Isolation on an unprecedented scale," although details were scant.
The maps and charts that debunk Trump’s claim the route has reopened
Thursday 20 August 2026 17:20 , Maira ButtShipping through the Strait of Hormuz has effectively slowed to a halt again despite President Donald Trump claiming the route is open, according to new data.
On Tuesday, the US leader declared the vital waterway “new US territory” in a bizarre post on Truth Social accompanied by a map.
“The Naval Blockade remains in full force and effect,” he continued on the platform. “The Hormuz Strait is open and operating. All water mines have been removed or detonated.”
The maps and charts that debunk Trump’s claim the Strait of Hormuz has reopened
Yemen's Houthis say they attacked Najran airport, Aramco facilities in Saudi Arabia
Thursday 20 August 2026 16:20 , Maira ButtYemen's Houthis said on Thursday that they carried out two drone attacks on Saudi Arabia, targeting what they described as a sensitive target at Najran airport and an Aramco facility in Najran, according to the Iran-aligned group's military spokesperson Yahya Saree.
There was no immediate confirmation from Saudi Arabia.
Trump cannot let Iran make him ‘look like a loser,’ says former Fox News personality
Thursday 20 August 2026 15:50 , Maira ButtPresident Donald Trump cannot let Iran make him “look like a loser” because his legacy is tied up in the war with the Islamic Republic, a former Fox News personality says.
Political commentator Bill O’Reilly, the former host of The O’Reilly Factor, made the remark on Tuesday night as the six-month anniversary of the start of the war draws closer.
Appearing on NewsNation’s On Balance, O’Reilly began by saying that he believes the U.S. does have a strategy going forward in the conflict with Iran.
”From what I understand, there is some kind of strategy that will involve a tougher approach on Iran,” he claimed. “I don’t know what it is. It’s top secret, classified.”
Trump cannot let Iran make him ‘look like a loser,’ says former Fox News personality
