US announces new sanctions targeting Iran's economy and allies

The Trump administration announced a new economic pressure campaign against Iran on Monday, vowing to sever all revenue sources and isolate Tehran. Treasury Secretary Scott Bessent called the effort "Operation Economic Outcast" and "economic D-day." The sanctions target Iran's oil, digital assets, technology, gold, aviation and shipping sectors, with secondary penalties for countries and companies doing business with Tehran. The US also imposed fresh sanctions on 60 entities, vessels and individuals across the UAE, Hong Kong, China, Singapore and Switzerland. The campaign comes nearly six months into a US-Israeli war with Iran that has killed top officials but failed to dislodge the government. Tehran has disrupted the Strait of Hormuz, raising global energy prices, while previous blockades have hurt but not capitulated Iran.