US Unleashes 'Toughest Sanctions' on Iran Amid Oil Price Surge
US Treasury Secretary Scott Bessent announced on Thursday that the US will impose 'the toughest sanctions in history' on Iran, aiming to prevent a military escalation. This move comes after President Donald Trump's statement that he is launching the 'most crushing economic operation ever taken against any country,' which includes 'economic warfare and isolation on an unprecedented scale.'
Iranian Foreign Minister Abbas Araghchi responded by calling the US strategy 'doubling down on failed policies' and saying it will only lead to further defeat. He also pointed out that the US is dealing with its own economic crisis, characterized by 'unprecedented debt & surging interest costs.'
The US sanctions announcement led to a sharp increase in oil prices, with Brent crude closing at $93.78 per barrel.