Iran vows forceful response to new U.S. sanctions

Iran has pledged to respond forcefully to new U.S. sanctions unveiled Monday, vowing both a possible military response and further reductions in Gulf oil exports while expressing confidence that major trading partners will resist Washington's pressure campaign. Treasury Secretary Scott Bessent announced sanctions on 60 individuals, entities and vessels but stopped short of targeting Chinese financial institutions, with experts saying Washington is wary of retaliation ahead of upcoming Trump-Xi talks. Iran's rial hit a record low as the country faces double-digit inflation, with rice prices up 60 percent and beef over 150 percent since the war began. The conflict, which began with U.S. and Israeli attacks on Iran on Feb. 28, has killed thousands and degraded Iran's military, while oil transits through the Strait of Hormuz have fallen from over 20 million barrels per day to five million. Pakistan reported "significant progress" in mediation talks Tuesday, though no major strikes have occurred in weeks.