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U.S. to use economic tactics on Iran 'that have never been seen'; Navy works to relieve troubled carrier USS Abraham Lincoln

"It will be a combination of economic isolation like the world has never seen before, and the continued blockade in the Strait of Hormuz," Bessent said.

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Oil Prices Head for 4% Weekly Gain as U.S.-Iran Deadlock Drags On

Crude oil prices were on course to add 4% this week, as the United States and Iran indicated they are no closer to a peace deal than they were at the start of the war.

  • U.S.-Iran deadlock causes 4% weekly rise in oil prices
  • Brent crude at $87.12 per barrel, WTI at $81.36
  • Reduced tanker traffic and U.S. naval blockade pressure prices