The U.S. Treasury plans new sanctions on Iran, which it says could avert military action, as Iran allows Iraqi oil tankers through the Strait of Hormuz.
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The United States is preparing new economic sanctions against Iran, with Treasury Secretary Scott Bessent stating the measures will likely negate the need for major U.S. military operations. The announcement comes as Iran granted permission for several Iraqi oil tankers to pass through the Strait of Hormuz, a critical waterway disrupted by regional conflict.
Iraqi President Nizar Amidi announced the tanker permissions at the eighth Baghdad Dialogue conference, highlighting Iraq's economic vulnerability due to its dependence on the waterway. The move provides temporary relief for Iraq, which Amidi said is among the countries most exposed to the conflict's impact.
The planned U.S. sanctions were criticized by Iran as an assertion of 'extraterritorial sovereignty.' The financial pressure is intended to counter Iran's influence without direct military engagement, according to Bessent's comments to CNBC.
The developments underscore the intersection of economic policy and regional security, with global energy flows hanging in the balance. The effectiveness of the sanctions and Iran's response will be key factors to watch in the coming weeks.
Sources: 1. CNBC: Supreme Court allows Trump to continue White House ballroom construction for now — https://www.cnbc.com/2026/08/21/supreme-court-trump-white-house-ballroom.html (src1) 2.