The Globe and Mail reports in its Friday edition that the United States will impose "the toughest sanctions in history" on Iran, says Treasury Secretary Scott Bessent. A Reuters dispatch to The Globe says this approach aims to reduce the need for major military operations against Tehran. His comments followed President Donald Trump's warning in Truth Social of "Economic Warfare" against any country aiding Iran. Oil prices rose to more than a three-week high on Thursday. "I'm not sure why oil has popped up on this," Mr. Bessent told CNBC. Before Mr. Bessent spoke, Iran's Foreign Ministry said it condemned U.S. economic and trade sanctions, calling them "economic terrorism" that would target ordinary Iranians and amount to crimes against humanity. Mr. Bessent said: "It is a one-two punch. We have the blockade, and we are going to have the toughest sanctions in history. 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." When asked if the U.S. could target China for doing business with Iran, Mr. Bessent said many conversations were best to have in private. He said, "It would do them a big service to get with the program."