The US announced its 'toughest sanctions in history' on Iran as oil prices rise due to an unsettled US-Iran war.
Published
The United States is escalating its economic warfare against Iran, announcing plans to impose what it calls the 'toughest sanctions in history' on the country. The move comes amid heightened tensions and an 'unsettled US-Iran war' that is already impacting global markets.
US Treasury Secretary Scott Bessent stated the sanctions are intended to 'squash' Iran's economy and 'collapse' its regime. He issued a stark warning to international allies, declaring they must decide whether they 'are with us or against us' as the US pursues this maximum pressure campaign.
Concurrently, the US Treasury Department increased sanctions targeting Hizballah, specifically aiming at a network accused of smuggling 'millions in cash' for the group. The Treasury also announced separate sanctions against a major cocaine network in Ecuador with ties to violent gangs and Mexican cartels.
The escalating conflict is having a tangible effect on global energy supplies. Oil is set for its second consecutive weekly rise as the 'unsettled US-Iran war crimps supply,' while European markets, described as 'war-hit,' are showing signs of strain but resilience.
Sources: 1. Reuters Business: War-hit European markets are far from down and out - Reuters — https://news.google.com/rss/articles/CBMijwFBVV95cUxQdnhLRk44Z05ZeGw4cWhLcEtkTVRNMnRuSDd0cTYwa2xJdWM0WEsxQS1MeG8yM0lnenM2QVpxc0pKVHdIaHI1TXhzMk40Z25WTDlzdkVTT2tmNlRORlc2eW9FRGpsWng3MEJ1OUZJVVpkUm1QTzV6Z2dkeTd2YjRtREtPdGZXTXAzeUdNaUNuaw?oc=5 (src1) 2.