He said Bush was trying to foment tensions in the Persian Gulf over the Strait of Hormuz confrontation.

CNN: Bush pushes Saudis for help with rising oil prices

But he also has said that the United States would be able to take steps if Tehran were to attempt to block the Strait of Hormuz, the outlet of the Persian Gulf and a choke point for much of the world's oil.

CNN: Fallon resigns as chief of U.S. forces in Middle East

The sanctions announced Monday are likely to escalate tensions with Iran, which recently threatened to block off the Strait of Hormuz, a valuable waterway near the Persian Gulf that carries about 20% of the world's oil shipments.

WSJ: U.S. Toughens Sanctions on Iran