Commodities
US Imposes Toughest Sanctions Ever on Iran Amid Ongoing Conflict
The US is set to impose the toughest sanctions in history on Iran, according to Treasury Secretary Scott Bessent. The move aims to economically isolate Tehran and pressure it to end its nearly six-month-old war with Gulf nations.
Oil prices surged to a three-week high following Trump's threat of 'economic warfare' against any country that provides a lifeline to Iran.
Bessent said the sanctions would target financial institutions, businesses, airports, and government entities that provide support to Iran. He hinted at expanding economic pressure beyond just Iran, warning countries like China that its energy imports from the Gulf are crucial for their economy.