US tightens Iran sanctions, warns trading partners of penalties
What's new: Treasury targeted Iran's external ties as Tehran's currency hit a record low and China still buys about 90% of its crude exports.
The Trump administration launched a new pressure campaign against Iran, threatening tougher sanctions on countries and companies that keep doing business with Tehran. Treasury Secretary Scott Bessent said the effort, branded “Operation Economic Outcast,” could reach direct flights, financial links and especially oil sales. The move came as vessel traffic in the Strait of Hormuz remained largely stalled and Washington tried to avoid a return to war. PBS reported that roughly 90% of Iran’s crude exports go to China. Iran’s currency fell to a record low, while Iranian officials threatened retaliation and disruption to Gulf allies’ oil exports. At the same time, diplomacy showed signs of movement as Pakistan army chief Asim Munir visited Tehran and Oman’s foreign minister prepared to travel there.