U.S. sanctions Iran to force global financial isolation

The United States announced new sanctions against Iran on Monday, with Treasury Secretary Scott Bessent warning all countries to cut financial ties or face retaliation. The campaign, dubbed "Operation Economic Outcast," aims to isolate Iran globally. Bessent said countries have an opportunity to shift away from Iran before penalties are imposed, though no specific nations were named. China, Turkey and the UAE are Iran's largest trade partners. The UAE recently suspended all trade with Iran, which Bessent said was "not a coincidence." Iran's currency hit a record low of 2.02 million rials to the dollar, with food prices soaring since the war began. Pakistan sent a delegation to Tehran to encourage negotiations, while Iran and Oman reportedly near a deal on joint management of the Strait of Hormuz.