US Escalates Pressure on Iran Amid Ongoing Tensions
The United States has signaled plans to intensify economic pressure on Iran, including maintaining a naval blockade and imposing sweeping new sanctions. The move is part of ongoing tensions in the Middle East, which have escalated following reports of attacks on oil tankers in the Strait of Hormuz.
Treasury Secretary Scott Bessent said the US would introduce measures 'that have never been seen on Iran', combining broader economic isolation with the continued naval blockade. The comments followed remarks by Defense Secretary Pete Hegseth, who said the US military could maintain its naval blockade indefinitely by rotating naval assets as needed.
The developments come as reports indicated the USS George Washington is replacing the USS Abraham Lincoln, whose deployment in the Middle East has extended well beyond its originally expected conclusion. However, Representative Mike Levin expressed concern over reports from military families alleging deteriorating conditions aboard the carrier, including supply shortages and sanitation issues.
Gold prices climbed on Friday, remaining on track for a weekly gain after softer US inflation data strengthened expectations that the Federal Reserve will keep interest rates unchanged next month. Spot gold rose 0.5% to around $4,375 per ounce, while oil prices advanced on renewed concerns over supply disruptions in the Strait of Hormuz.
Bitcoin, however, lagged broader financial markets, trading down about 0.9% at around $62,770 and nearing its lowest levels of August. Technical analysts warned that Bitcoin needs to reclaim the $63,220 level before the weekly close to avoid increasing the risk of a deeper decline.