US Cranks Up Pressure on Iran with New Sanctions

US Treasury Secretary Scott Bessent announced new sanctions aimed at blocking all potential sources of revenue for Iran. The move is part of an effort to increase pressure on the Iranian economy, which has already been battered by previous sanctions and a US naval blockade.

The rial, Iran's currency, hit a record low of 2.02 million to the US dollar as trading opened on Monday. This comes as the country faces double-digit inflation and negative growth.

Bessent stated that it is 'no longer acceptable to operate in the gray spaces' of the conflict, implying that countries must choose between cutting ties with Iran or facing retaliation from the US.

The administration has promised even stronger sanctions, including secondary sanctions on countries that continue to do business with Iran. The UAE has already suspended all trade with Iran, one of its largest trading partners.