Oil prices fall as Bessent outlines new steps to punish Iran

US Treasury Secretary Scott Bessent has announced a new sanctions campaign against Iran, aiming to sever the country's economic ties with the rest of the world. According to Bloomberg, Bessent warned that a major announcement of a financial institution being sanctioned is expected by the end of the week.

The sanctions, as reported by Middle East Eye, will target various sectors including tech, gold, aviation, and shipping, and will cover nearly 60 entities, individuals, and vessels. Bessent stated that any entity facilitating money laundering on behalf of Iran will be removed from the US dollar system. The goal, he said, is to sever every economic lifeline that sustains the Iranian regime.

The move is part of the Trump administration's effort to pressure Iran, as reported by Axios, with the aim of bringing the country to heel. According to The Hill, President Trump had previously warned that Iran would face an "economic D-day" if it does not agree to negotiate a deal. CBS News reported that Bessent described the new sanctions as an "economic onslaught" against Iran.

Brief written by urgent.news from Bloomberg, Middle East Eye, CBS News, Axios, The Hill — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.