Iran maintained its harsh rhetoric Saturday against the U.S.' plans to impose tough new sanctions.
"The United States' declaration of new economic sanctions on Iran is far more than continued unlawful 'economic warfare' against a single country," Iranian Foreign Ministry spokesman Esmaeil Baqaei said in a post on X. "It is an assertion of extraterritorial sovereignty over every independent Member State of the United Nations."
U.S. Treasury Secretary Scott Bessent told CNBC on Thursday that the Trump administration's plan to crush Iran's economy will likely negate the need for major U.S. military operations against the Islamic Republic.
Bessent vowed that the U.S. will create "the greatest coordinated economic isolation in the history of the world" against Iran.
He said he will hold a news conference on Monday to "talk about exactly what we're going to do."
In a preview of the plan, he said that the U.S. will be telling all of its allies, "You are either with us or against us."
Vice President JD Vance said economic pressure is the United States' "most effective tool" against Iran.
Speaking on a podcast, Vance said that the move was "a delicate dance" as both sides apply pressure to each other, but added that "what has been true over the last couple of weeks is they felt a lot more pressure than we have."
Iran's parliament speaker Mohammad Baqer Qalibaf told an event in the Iraqi capital Baghdad on Friday that Muslim countries must make a plan to overcome "cruel" sanctions, according to a government summary of his comments.
'Crushing economic operation'
The comments came after U.S. President Donald Trump said the U.S. will launch what he called the "most crushing economic operation ever taken against any country" against Iran. Trump also threatened severe financial penalties on any nation that helps Tehran evade sanctions, and added that "this will be Economic Warfare and Isolation on an unprecedented scale."
While both sides have held off attacking one another's targets in recent days, shipping through the economically crucial Strait of Hormuz remains a fraction of its levels before the U.S. launched its war against Iran on Feb. 28. Negotiations to reopen the strait have stalled.
Recently observed ship traffic through Hormuz has remained low, with 10 crossings on Monday and two transits on Sunday, according to data provided by the trade intelligence firm Kpler.
Oil prices were little changed Friday after Iran's president indicated that Tehran wants the war with the U.S. to end sooner rather than later.
Brent crude futures added 61 cents to close at $94.39 per barrel. U.S. West Texas Intermediate futures rose 23 cents to $87.06. Oil prices finished the week more than 5% higher after Bessent's comments.
Iranian President Masoud Pezeshkian described his country's memorandum of understanding with the U.S. signed on June 17 as a victory for the Islamic Republic. Pezeshkian said "it is better to end the war today" when Iran is "in a position of power and dignity," according to the state news agency PressTV.
The MOU allowed Tehran to determine how the Strait of Hormuz would be administered through negotiations with Oman and the other Gulf states.
One analyst questioned the effectiveness of the new round of economic penalties.
Helima Croft, head of global commodity strategy at RBC Capital Markets said Iran is already one of the most sanctioned countries in the world. It is not clear whether the U.S. will go after China and Russia who are partners of Iran, Croft told CNBC's "Squawk on the Street."
The question is whether more sanctions will change Iran's behavior, Croft said. Tehran appears to believe that it can outlast the U.S., she said.
