RESOLVING THE LEDGER
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DUBAI \u2014 Iran said on Friday that its response to any new U.S. threats would be "devastating" after Washington pledged to impose the toughest financial penalties in history with the aim of \u200btoppling the Iranian leadership.U.S. Treasury chief Scott Bessent said he would give details on Monday of the planned sanctions, which follow a warning from President Donald Trump of economic consequences against any country that provided "any type of lifeline to Iran."The chief of staff of Iran's Armed Forces, Major General Ali Abdollahi, said the Islamic Republic's reaction \u200cwould be broad and decisive."With preparedness across land, sea, air, air defense and cyberspace, Iran's armed forces will respond to the enemy's new threats with crushing, punishing and devastating responses," Abdollahi was quoted as saying by Iranian media.Iran's parliament speaker, Mohammad Baqer \u2060Qalibaf, the country's main negotiator in mediated talks with the United States, said Washington appeared \u200bto have concluded it could not prevail in its direct military confrontation."We must make plans \u2060to deal with the unjust sanctions so that we can overcome them," he said in neighboring Iraq, accusing the U.S. and Israel of resorting to what he said was economic and "cognitive" warfare.Bessent says measures should not drive up oil priceOil \u200cprices steadied on Friday but were on track for a second weekly rise on concern over Gulf energy exports. Oil hit a more than three-week high \u2060on Thursday after the sanctions threat, intended to force Iran to agree to the end of a conflict that has stranded \u2060millions 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.Just seven commodity ships sailed along the Strait of Hormuz on Thursday, half the previous day's tally, data from shiptracker Kpler showed, compared with more than 130 a day before the war.Thousands of people have been killed in the war, which has drawn in Gulf nations and raised global fuel prices as Iran has attacked shipping through the Strait of Hormuz, which before February carried about a fifth of all traded oil.The U.S. \u200cand Iran have twice announced ceasefire deals, in April and June, aiming to restore the free flow of ships through Hormuz on \u200ba path to
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