US Sanctions Target Iran's Oil and Financial Sectors
The US Treasury Department has announced new sanctions targeting Iran's oil and financial sectors. According to Scott Bessent, US Treasury Secretary, the sanctions will affect key areas of Iran's economy, including oil purchases, money transfers, and oil transactions.
In response to the sanctions, Iranian officials have warned that continued US economic pressure could prompt a reaction from Tehran and potentially impact oil exports through strategic routes such as the Strait of Hormuz.
The Iranian rial has reached its lowest value on record, with one US dollar trading at over two million rials. Rising food prices, particularly for meat and dairy products, have reduced households' purchasing power.
Mehdi, an Iranian citizen, expressed concern about the economic situation: 'The staggering rise in prices has overwhelmed us.'