US Treasury Secretary Scott Bessent stated that the administration plans to impose new sanctions on a bank this week to pressure Iran, while acknowledging that hostilities flared on Sunday after US forces struck Iranian rocket launchers in the Strait of Hormuz.

Although officials have signaled a strategic shift toward economic measures to isolate Iran, the administration continues to rely primarily on warnings rather than new restrictions on third-party trading partners, with Bessent indicating he will discuss these issues with Chinese counterparts at the upcoming G20 meetings.