U.S. Treasury Secretary Scott Bessent warned of dire economic consequences for Iran as Washington prepares to announce what he described as its strictest-ever sanctions against a country. In a Sunday opinion piece in the Financial Times, Bessent said the United States was entering the endgame against Iran and repeated claims that Washington had decimated Iran’s military capabilities. He said the sanctions would be announced at a conference beginning at 14:00 ET (18:00 GMT) on Monday, describing the action as the single greatest financial offensive ever marshalled against an adversary. Bessent also warned that countries continuing to ally with Iran would become global pariahs. His remarks followed a warning from Iranian Secretary of the National Security Council Mohsen Rezaee that Iran would export not a single drop of oil through the Strait of Hormuz or anywhere in the Persian Gulf if the economic war continued. Iran already faces strict U.S. restrictions on oil sales and other economic activity, while Washington has largely maintained its naval blockade, particularly after a June peace deal largely fell through. U.S. President Donald Trump and his administration have repeatedly claimed full victory over Iran and said the Strait of Hormuz has reopened to commercial shipping, but recent data showed shipping activity had fallen to a fraction of pre-war levels amid concerns about Iranian attacks on vessels attempting the crossing. The war is approaching the six-month mark and opened a new front in August when Yemen’s Iran-backed Houthis declared a naval blockade against Saudi Arabia and began attacking vessels in the Red Sea. Iran has demanded that the United States lift its naval blockade and adhere to the peace deal before further negotiations, but the agreement lapsed in August without either side signaling an intention to renew it.