Treasury Secretary Scott Bessent unveiled the measures on Monday but stopped short of the most

The Treasury Department did announce new sanctions on 60 individuals, entities and vessels, but the list did not include any of the Chinese financial institutions suspected of facilitating Iran's oil trade. Before the announcement, Iran threatened both a possible military response and further reduction in oil exports from the Gulf in response to any U.S.

vital interests and energy chokepoints if Iran's infrastructure is threatened, Press TV reported. Struggling to resolve an unpopular war that has pushed energy prices higher, the administration of President Donald Trump appears to be counting on further economic pressure even though Iran has spent decades under layers of U.S.

and Israel launched strikes on Iran. While the war has degraded much of Iran's conventional military capacity, inflicted economic pain and killed then-Supreme Leader Ayatollah Ali ⁠Khamenei, Iran has preserved enough missile and drone capability to attack its Gulf neighbors and threaten oil tankers in the Strait of Hormuz.

The exact state of Iran's nuclear program, which the Americans and Israelis aim to wipe out, remains unknown. Thousands of people have died, most of them in Iran and Lebanon. Despite Monday's announcement, oil prices fell more than $2 a barrel on Monday, though investors braced for the prospect of further supply disruptions from the Middle East.

CHINESE OIL TRADEAsked why he stopped short of actually imposing penalties on Iran and declined to identify the countries that would be targeted, Bessent responded, "Why would I want to blow up the global financial system? "He said he wanted ⁠to give countries and companies time to sever ties.

Bessent previously urged cooperation from China, the biggest buyer of Iranian oil for several years, although the U.S.

blockade of Iran's ports, renewed in mid-July, has already cut Iranian oil flows to China. Experts say Washington is wary of Chinese retaliation for any sanctions on its banks ahead of expected talks next month between U.S.

sanctions. "The Chinese Foreign Ministry said sanctions and pressure tactics do not help and Beijing would do what was necessary to protect China's interests. Amid the saber-rattling, Pakistani army chief Asim Munir visited Iranian President Masoud Pezeshkian in Tehran on Monday in a ⁠peace mission that came after Munir spoke with Trump last week,.

Trump initiated the conversation, two sources said. "The United States must correct its tone and approach in interacting with Iran, because relying on coercion and bullying will only complicate the processes," Iranian state media quoted Pezshkian as telling Munir. Pakistan's earlier mediation efforts between the U.S.