US Cracks Down on Iran Economy as Oil Prices Plummet

The US continues to exert economic pressure on Iran, with Treasury Secretary Scott Bessent announcing 'Operation Economic Outcast', a plan to impose secondary sanctions on those enabling Iran's economic activity.

These measures are aimed at individuals and entities facilitating transactions that help turn Iranian oil into money for the regime. The US has made it clear that no one is above its reach when it comes to sanctions, including China, which could be impacted by these measures.

The announcement came as Brent crude dropped almost 3% to below $87.90 a barrel, and West Texas Intermediate fell 3.21% to $82.34, despite an oil tanker being struck in the Strait of Hormuz off the coast of Oman.

Iran's Parliament Foreign Relations Committee chairman Golrou said that Pakistani Army Chief Field Marshal Asim Munir delivered a message from Washington seeking a return to peace talks and for Iran to enter the political space.