Iran warns of actions against US amid Trump’s threats of economic war

Ahead of the anticipated announcements detailing what US President Donald Trump alluded to as "economic warfare on an unprecedented scale," Iran's top officials are offering stern warnings against US hostilities and threatening actions towards those who side with the Americans.

Iran's security chief says his country will counter by targeting oil-shipping routes out of the Persian Gulf - alternatives to the Strait of Hormuz. Shortly after, Iran announces the discovery of an "enormous" gas field in the country's south as it continues to faces difficulties shipping oil out of the country.

Iran dismisses US threats of economic warfare, with Iran's security chief Mohsen Rezaei in an interview with state media vowing to shut down all oil exports from the Gulf "if the economic war continues" and issuing new warning to shipping not to pass through the Strait of Hormuz without its permission.

This follows Iran's announcement of the discovery of a major natural gas deposit in the southern province of Fars containing more than 7.5 trillion cubic feet of gas. Iran has indicated they have been unable to export oil for months because of the US naval blockade.

This announcement comes ahead of US Treasury Secretary Scott Bessent's promise to reveal severe measures on Iran in an upcoming press conference. "At dawn begins an economic D-Day - the single greatest financial offensive ever marshalled against an adversary,"

Bessent wrote in an opinion piece published in the Financial Times on Sunday. This while US and Iran have halted on strikes in recent weeks, though they've yet to come together to engage in meaningful talks.

In a speech broadcast in state media made after Bessent's promise to engage in economic warfare, Iranian President Masoud Pezeshkian defended the now-expired Memorandum of Understanding signed in June saying it was the best way for the country to move beyond what he describes a situation of "neither war nor peace."

Singing a seemingly different tune, however, Iran Foreign Ministry Spokesperson Esmail Baghaei on Monday says the new US economic pressure campaign will fail and accused Washington of punishing ordinary Iranians.

Baghaei warns countries that join the United States in carrying out its aggressive actions will face consequences and that such acts are in violation of international laws.

Meanwhile, Pakistan's army chief visits Tehran on a mediating mission on Monday, while China says sanctions do not help and vows to protect its interests, with the ministry spokesperson Lin Jian saying at a latest press briefing that these tactics will not help resolve the issue.