Iran has granted permission for a number ​of Iraqi oil tankers to pass through the ‌Strait of Hormuz following repeated requests from Baghdad through various channels, Iran’s state news agency IRNA reported on Saturday.

IRNA ​said obtaining special permission for Iraqi tankers was ​one of Baghdad’s main requests during Iranian ⁠parliament speaker Mohammad Baqer Qalibaf’s visit to Iraq.

Iraqi ​President Nizar Amedi said on Saturday that Iran had facilitated ​the passage of vessels carrying Iraqi oil through the Strait in recent days and Baghdad had discussed the export of ​Iraqi oil through Hormuz with Iranian officials.

The issue ​remained complicated, he added, speaking at the Baghdad Dialogue policy conference.

Iraq ‌has ⁠been among the countries most affected by Iran’s effective closure of the Strait of Hormuz. Traffic in the strait remains significantly below pre-war levels and ​ships continue to ​face attacks ⁠in the area.

Iraq produced around 4 million barrels of oil per day before ​the outbreak of the Iran war.

Baghdad is ​working to ⁠expand its exports through Turkey’s Ceyhan port and also to begin exporting oil through Syria’s Baniyas port ⁠and Jordan’s ​Aqaba port, Prime Minister Ali ​al-Zaidi said on Friday.

U.S. Treasury chief Scott Bessent said the United States will impose “the toughest sanctions in history” on Iran, a move he suggested would lessen the need for new major military operations, Reuters reported.

Bessent’s comments on Thursday followed President Donald Trump’s threat a day earlier of “Economic Warfare” and warning of economic consequences against any country that provided “any type of lifeline to Iran.” Bessent promised details next week.

Oil prices rose to more than a three-week high on Thursday following those U.S. threats of financial penalties aimed at forcing an end to a nearly six-month-old war that has stranded millions of barrels of Middle Eastern oil.

“I’m not sure why oil has popped up on this,” Bessent told CNBC. “If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart,” he said, using a term referring to military force.

Thousands have been killed in the conflict, which drew in Gulf nations and shocked markets as Iran flexed its ability to curb shipping through the Strait of Hormuz — a ⁠waterway that carried about a fifth of all traded oil before February.

The U.S. and Iran have twice announced ceasefire deals, in April and June, aiming to restore the free flow of shipping through Hormuz on a path towards ending the conflict, but both quickly crumbled, read the report.

Iran has weathered near-continuous, punishing economic sanctions for nearly 50 years, since the Islamic Revolution of 1979.

Before Bessent spoke, Iran’s foreign ministry said it condemned U.S. economic and trade sanctions, calling them “economic terrorism” that would not “create even the slightest hesitation in Iranians’ determination to safeguard Iran’s independence, dignity and national sovereignty.”

Bessent told CNBC he would share more details on the latest package and “talk about exactly what we’re going to do” on Iran at a press conference on Monday.

“It is a one-two punch. We have the blockade (on Iran), and we are going to have the toughest sanctions in history,” he added, referring to a U.S. naval blockade imposed on Iran in April and paused for a month in mid-June.

“It is going to work in Iran and we are going to collapse this regime. It is time for our allies and the ⁠rest of the world to make a decision,” he said.

China buys more than 80% of Iran’s shipped oil, according to 2025 data from analytics firm Kpler, but engaging in further economic warfare with China, a major exporter to the U.S. including vital rare-earth minerals, risks retaliation against Washington.

When asked if the United States could target China for doing business with Iran, Bessent said many conversations were best to have in private.

“Keep in mind that the Chinese get 50% (of their) energy… from the Gulf. So it would do them a big service to get with the program,” he said.

China’s embassy in Washington said “sanctions ⁠and pressure do not help resolve the problem.”

“China calls on the relevant parties to take responsible actions and resolve the issue through political and diplomatic means,” according to an embassy spokesperson.

In a social media message on Wednesday, Trump promised “Economic Warfare and Isolation on an unprecedented scale.” He did not say what specific steps the U.S. would take or name any country, though the warning would appear to ⁠extend to U.S. allies that have helped mediate peace talks.

“ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences,” Trump wrote.

Trump, however, is under pressure at home to end the unpopular war, with high fuel prices dragging down his approval ratings and potentially threatening his ⁠party’s control of Congress in midterm elections in November, Reuters reported.

Iranian Foreign Minister Abbas Araqchi called Trump’s comments an attempt to divert American public opinion from domestic financial problems, including record debt and rising interest rates.

He said Washington’s insistence on policies he described as failed would bring further failures and alienate Iranians.

Trump’s social media threats and announcements are not always implemented as written.

U.S. President Donald ​Trump warned of economic consequences against any country that provided “any type of lifeline to Iran” as the U.S. ‌looks to resolve a war it began alongside Israel nearly six months ago.

Thousands of people have been killed in the war, which quickly drew in countries across the Gulf, and global markets have been shocked as Iran flexed its ability to control shipping through the Strait of Hormuz, through which ​about a fifth of the world’s traded oil passed before February, Reuters reported.

U.S. President Donald ​Trump warned of economic consequences against any country that provided “any type of lifeline to Iran” as the U.S. ‌looks to resolve a war it began alongside Israel nearly six months ago.

Thousands of people have been killed in the war, which quickly drew in countries across the Gulf, and global markets have been shocked as Iran flexed its ability to control shipping through the Strait of Hormuz, through which ​about a fifth of the world’s traded oil passed before February.

Trump’s social media threats and announcements do not always ​get fleshed out or successfully acted upon as written, and he did not specify what specific steps the U.S. would take ​against such a country, which would appear to include U.S. allies that have helped mediate peace talks, and he did not list any country by ‌name.

On ⁠Tuesday, the United Arab Emirates, which hosts a major U.S. military base, announced it was suspending all trade activities, commercial exchanges and financial transactions with Iran until further notice. The announcement came after the UAE defense ministry said it had detected two missiles launched from Iran that fell into the sea, a report Iran dismissed as baseless.

China buys more than 80% of Iran’s shipped oil, according to ​2025 data from analytics firm Kpler, ​but for the U.S. to ⁠engage in further economic warfare with China, a major exporter to the U.S. including of vital rare-earth minerals, risks retaliation.

Iran remains open to dialogue with the U.S. but does not confuse negotiations with surrender, ​Mohammad Mokhber, an adviser to Iran’s supreme leader, said on Tuesday, according to the semi-official ​Fars news agency. Mokhber ⁠said military pressure and sanctions would not break Iran’s resolve.

On Tuesday, Trump said no talks, opens new tab were taking place with Iran. A day earlier, Jared Kushner, Trump’s son-in-law and special envoy, struck an upbeat tone, saying talks with Iran were still underway and were “probably more robust” than ever.

Trump ⁠wants to ​seize Iran’s stockpile of highly enriched uranium and is seeking a new, ​more restrictive agreement curbing Iran’s nuclear energy and research programs, to replace the one he unilaterally withdrew the U.S. from in 2018. Iran, a non-proliferation treaty signatory, has ​for decades said its nuclear programs are peaceful.