Iran Vows Retaliation as U.S. Expands Sanctions

The U.S. has imposed sweeping new sanctions on Iran, dubbed "Operation Economic Outcast," prompting Tehran to vow financial retaliation. Treasury Secretary Scott Bessent announced the measures Monday, escalating the ongoing conflict between the two nations. Iran's Economy Minister Seyed Ali Madanizadeh said the government is prepared to counter the sanctions, warning of an "attack" and stating that "the global financial system is not structured in a way that allows anyone to claim they can cut off" Iran's economy. The U.S. has sanctioned nearly 60 entities, individuals, and vessels. Following the announcement, an oil tanker was hit by a projectile in the Strait of Hormuz, highlighting continued dangers in the key waterway. The attack came as Pakistan mediated talks between the U.S. and Iran, whose cease-fire expired on Aug. 17.