Treasury Secretary Bessent unveiled a sanctions campaign at a press conference Monday, Aug. 24, targeting Chinese banks, refiners, and shipping networks that sustain Iran's oil exports. His Sunday Financial Times op-ed previewed the language: "At dawn begins an economic D-Day, the single greatest financial offensive ever marshalled against an adversary." No outlet has named a specific target entity, and no SDN list posting has been confirmed. Treat this as an announcement, not an executed designation.

Iran responded by threatening to detain or confiscate any vessel transiting the Strait of Hormuz in violation of its rules, a direct reply to the sanctions push rather than a new kinetic threat. The move sits on top of the standing Amara case, a tanker assessed seized and held at Bandar Abbas for six-plus days with no US or UKMTO confirmation either way.

China's Commerce Ministry has not yet answered today's specific announcement; its Aug. 21 threat of reciprocal countermeasures if Washington names a Chinese bank remains the operative posture. Brent and WTI both fell for a second straight session, $93.09 and $85.65, as markets price uncertainty rather than tightening.

Watch: whether a specific entity gets named, whether the SDN list updates, and Beijing's actual response once it lands.