Iran Fires Back at US Economic Isolation Campaign as Gas Prices Soar

The Federal Reserve has acknowledged that Operation Economic Outcast (OEO), the US campaign to economically isolate Iran, is having an unintended consequence on American consumers. On Tuesday, Neel Kashkari, President of the Minneapolis Fed, stated that the Middle East conflict is driving inflation in the US.

The national average price for a gallon of gasoline reached $4.09 on Tuesday, up from $2.98 before the first US military engagement in the Gulf began in late February. Iran's Economy Minister Ali Madanizadeh responded to OEO by warning that 'enemies intend to launch an economic terrorist attack' and that Iran has its own tools to counterattack.

Iran's trading partners, including China, have pushed back against US pressure. China's foreign ministry announced its opposition to what Beijing called 'illegal unilateral sanctions' and stated it would take 'all necessary measures' to protect its interests.