The US government is planning to impose unprecedented economic sanctions on Iran amid an intense showdown where the two countries have imposed embargos, financial assets freeze and blockade by sea. The US Secretary for Treasury, Scott Bessent, has confirmed that the US is planning to impose severe economic sanctions in history on Iran, and President Donald Trump has demanded that Iran surrenders after the expiry of the memorandum of understanding. On their part, the Iranians have vowed to keep the strait of Hormuz closed until the blockade by the US is lifted and its earlier commitments met.