News Summary

• The US will impose "the toughest sanctions in history" on Iran, Treasury Secretary Scott Bessent said.
• His statement 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" Oil prices rose to more than a three-week high on following the US threats of financial penalties aimed at forcing an end to a nearly six-month-old war that has stranded millions of barrels of Middle Eastern oil.
• Thousands have been killed in the conflict, which drew in Gulf nations and shocked markets as Iran flexed its ability to curb shipping through the Strait of Hormuz.