US vows to 'collapse' Iran with new sanctions as energy prices spike
US vows to 'collapse' Iran with new sanctions as energy prices spike Submitted by MEE staff on Thu, 08/20/2026 - 19:32 Soaring commodity and shipping prices underscore the risks of inflation as US readies 'economic D-Day' US Secretary of the Treasury Scott Bessent speaks to members of the press outside the White House on 20 August 2026, in Washington, DC (Alex Wong/Getty Images/AFP) Off The US…
The United States has vowed to impose the toughest sanctions in history on Iran, with Secretary of the Treasury Scott Bessent stating that the regime will be "collapsed" as energy prices continue to spike. This economic D-Day comes as the US struggles to assert control over the Strait of Hormuz, where a ceasefire has collapsed. Oil prices have risen, with Brent Oil reaching $93.41 per barrel, posing challenges for the administration trying to control borrowing costs.
Iran's main source of revenue is oil sales, and the US has already imposed sanctions in the past. Bessent has indicated that the US may impose secondary sanctions on China, which relies heavily on Iranian oil. The UAE, a key financial hub for Iran, has halted all trade and financial transactions with the country.
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