Iranian Foreign Minister Esmaeil Baghaei said in a press conference on Monday that Iran will use all its bilateral capabilities to confront US economic sanctions. He said that Iran has issued warnings regarding cooperation with the US on its economic pressure on Tehran. Speaking about the visit of the Omani foreign minister, he said it was not linked to the visit of the Chief of Army Staff and Chief of Defence Forces, Field Marshal Asim Munir, to Tehran, which is reported to take place on Monday. Munir departed for Tehran earlier today to promote regional peace. Baghaei said on Monday that repeated US sanctions against Iran will yield no results, arguing that such measures have “failed” to achieve their objectives. “Washington’s persistence in failed methods has no result other than proving America’s hatred for the Iranian people, because they know very well that the direct consequences of these sanctions are on ordinary citizens,” Baghaei told reporters at a weekly news conference, according to Iran’s semi-official Tasnim news agency. He said sanctions and “intimidation” of other countries aimed at limiting trade ties violate the principles of free trade and respect for national sovereignty. “This illegal practice is a wake-up call for the international community, as America’s excesses and violations of the law in international relations have even provoked protests from its close allies.” Regarding reports that Tehran had been invited to join the Makkah Joint Defence Agreement, Baghaei said Iran had not been asked to join but that “proposals have been made for talks with these countries on regional security.” Iranian riyal hits historic low against USD Iran’s currency hit a historic low against the US dollar as a tightening US economic blockade battered the country’s economy following nearly six months of conflict. The riyal traded at around 2 million per dollar on the unregulated market on Monday, according to tracking site TGJU, down 4.5% since US President Donald Trump announced a major campaign against Tehran last week. Pressure mounted on the currency as Washington sought to isolate Tehran by threatening its remaining trade partners, blockading key Persian Gulf ports, and choking off vital crude oil revenue. Iranian Deputy FM dismisses US 'economic D-day' threat in response to Bessent Responding to US Treasury Secretary Scott Bessent’s earlier statement, Iran dismissed Washington’s declaration of a massive economic pressure campaign, saying it disproves US claims to have dismantled Tehran’s military and nuclear capabilities. “Your narrative doesn’t add up: you say that Iran’s military power has been ‘dismantled’, 100% of its military factories ‘destroyed’ and its nuclear program ‘buried’,” Deputy Foreign Minister Kazem Gharibabadi said in a post on X. آقای بسنت! حساب روایت تان جور درنمی‌آید: می‌گویید توان نظامی ایران «برچیده»، ۱۰۰٪ کارخانه‌های نظامی «نابود» و برنامه هسته‌ای «دفن» شده؛ اما برای همین ایران، «بزرگ ترین تهاجم مالی تاریخ» و بسیج «تمام نهادها و اختیارات» آمریکا لازم شده! این پیروزی است یا اعتراف به شکست آمریکا!؟ — Gharibabadi (@Gharibabadi) August 24, 2026 Yet, he adds, “there is a need for ‘the largest financial invasion in history’ and the mobilisation of ‘all institutions and powers’ of the United States! Is this a victory or an admission of America’s defeat?” UKMTO says tanker struck by unknown projectile off Saudi Arabia's Yanbu A tanker was struck by an unknown projectile 63 nautical miles west of Saudi Arabia's port city of Yanbu, leading to a fire on the vessel's main deck, the United Kingdom ​Maritime Trade Operations said on Monday. The UKMTO said all crew were safe and accounted for with no reported environmental impact. Yemen's government-aligned forces say they repelled Houthi drones west of Aden Yemen's internationally recognised government-aligned forces said early on Monday that they intercepted “hostile Houthi drones” west of the southern city of Aden, the country’s interim capital. The Southern Armed Forces, led by Presidential Leadership Council member Abdul Rahman al-Muharrami, said on X that the drones were intercepted before reaching their targets, without providing further details. The forces did not specify the source of the drones or the outcome of the interception operation. The Houthis did not immediately comment on the statement. Yemen had been under a relative lull since April 2022 after nearly 12 years of war between government forces, backed by a Saudi-led coalition, and the Iran-backed Houthis, who seized control of the capital Sanaa and large parts of the country in 2014. Since late 2023, after the Gaza genocide began, the Houthis have become increasingly involved in regional hostilities, launching attacks on Israel and commercial shipping in the Red Sea, while recent renewed fighting has raised fears of a return to full-scale conflict in Yemen. US Treasury secretary says Washington entering 'economic D-Day' against Iran US Treasury Secretary Scott Bessent said Sunday that the United States was entering an "economic D-Day" against Iran following what he described as the Trump administration's dismantling of the Islamic Republic's military and nuclear capabilities. "President (Donald) Trump has dismantled Iran’s military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program," Bessent said in a post on the US social media platform X. President Trump has dismantled Iran’s military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program. We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against… — Treasury Secretary Scott Bessent (@SecScottBessent) August 23, 2026 "We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary." Bessent said the administration intended to utilise every available resource to further isolate Iran economically and cut off sources of support for the Iranian government. "The President has created the conditions to leverage every agency, every authority and action many assumed we would never summon. Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone," he said. He also warned governments and other actors against assuming that Washington would be unwilling to impose costs on those challenging its Iran policy. "The Islamic Republic has subsisted by dressing extortion as security guarantees. It has drawn strength from a calculus that regards Iranian retaliation as certain and American enforcement as negotiable. Under President Trump, that era is over. And those who fear the danger of defying Tehran ought not to discount the cost of testing Washington," he said. Bessent did not provide details in the post on the specific economic measures or agencies that would be involved in the planned offensive. Omani foreign minister to visit Tehran for talks Oman’s Foreign Minister Badr Albusaidi will travel to Tehran on Tuesday for talks with Iranian officials, Iran’s Foreign Ministry said via IRNA News Agency. Iranian Foreign Ministry spokesman Esmaeil Baghaei said Albusaidi will meet with Foreign Minister Abbas Araghchi to discuss bilateral relations and regional issues. The visit is part of ongoing political consultations between the two countries, which are both littoral states of the Strait of Hormuz. “This trip is in line with strengthening Iran-Oman bilateral cooperation and continuing sustained political consultations between the two sides as littoral states of the Strait of Hormuz, to help bolster peace and stability in the region,” Baghaei said. China vows to protect its rights as US readies Iran sanction China's foreign ministry said on Monday Beijing will closely watch developments and do what is necessary to protect its rights as the US prepares to unveil new Iran sanctions that are expected to target Tehran's trading partners. US Treasury Secretary Scott Bessent, who is set to hold a press conference at 1pm EDT (2200 PKT) on Monday, has threatened to impose "the toughest sanctions in history" on Iran and urged China to cooperate with Washington. Speaking at a daily press conference on Monday, foreign ministry spokesperson Lin Jian also urged parties to act rationally with restraint, warning that sanctions and pressure tactics do not help to resolve issues. Iran warns vessels violating Hormuz transit rules of fines, detention Iran has issued a warning that vessels violating its arrangements for transiting the Strait of Hormuz could face restrictions, including fines, detention, or confiscation, the Persian Gulf Strait Authority wrote in a post on X. 1/ Vessels violating Iranian protocols for the #Strait_of_Hormuz shall face restrictions on future passages, including fines, detention, or confiscation. https://t.co/B8BWeitpzh — PGSA | نهاد مدیریت آبراه خلیج فارس (@PGSA_IRAN) August 23, 2026 The warning heightens risks for the charterers and shipowners whose vessels transit through the Strait of Hormuz, a key waterway for the world's energy shipments. The PGSA, a new body Iran has established with the aim of managing the strait, has said cargo owners should refer to an updated list of vessels deemed non-compliant for voyages relating to the Persian Gulf. Vessels engaging in operations including ship-to-ship transfers or transhipment with non-compliant vessels will also be added to the restricted list, it said. Ships seeking the removal of their names from the non-compliant vessels' list must submit a request with relevant explanations to Iran's maritime authorities, the post said. Oil falls as US prepares to unveil new Iran sanctions Oil prices slipped more than $1 a barrel on Monday as investors took profits ahead of ‌an expected announcement from Washington about imposing more sanctions on Iran that may further disrupt supplies from the Middle East. Brent crude futures fell $1.23, or 1.3%, to $93.16 by 0829 PKT, while US West Texas Intermediate crude was at $85.7 a barrel, down $1.36, or 1.6%. Both ​contracts posted their second weekly gains last week, up more than 5%, as peace talks between ​the U.S. and Iran hit a stalemate, capping oil shipments through the Strait of ⁠Hormuz where a fifth of the world's supply used to transit. US Treasury Secretary Scott Bessent, set to hold a ​press conference at 2pm EDT (1800 GMT) on Monday, has threatened to impose "the toughest sanctions in history" on ​Iran. Trump also threatened to impose sanctions on Iran's trading partners. "It is unclear whether US policy to economically isolate Iran will prove effective," Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia, wrote in a note. "But if the ​US measures do work as intended, Iran's ability to respond via increased violence becomes a growing risk for ​energy markets to consider." Iran has condemned US plans to announce new sanctions even as President Masoud Pezeshkian called for a diplomatic ‌solution. "The more ⁠pragmatic members of the Iranian leadership would prefer to de-escalate but the hardliners would probably prefer to fight to the bitter end," IG markets analyst Tony Sycamore said. "I think by the end of this week we will have a good idea which side of the Iranian leadership has the upper hand." Offers of Iranian crude to ​Chinese buyers have declined, and ​prices have jumped as the ⁠US blockade has cut Tehran's shipments, according to trade sources. However, Iran has granted permission for a number of Iraqi oil tankers to pass through the Strait following repeated ​requests from Baghdad, Iran’s state news agency IRNA reported on Saturday. Some analysts are ​expecting the recovery ⁠in supplies from the Middle East to take even longer than expected as the US-Iran conflict persists. "Crude (supply) is tightening. Recent weeks have seen one of the sharpest declines in oil-on-water, whilst onshore inventories are declining as well, including ⁠in China," ​said Morgan Stanley analysts in a note. "A reduction in supply is ​driving this, most notably from the Middle East where several data sources put aggregate exports back at March/April levels," they said, slowing ​their assumption for a recovery in Middle East supplies.