US sanctions target Iran's allies as Tehran calls move a defeat

The United States announced Monday a new sanctions package aimed at cutting off all of Iran's economic resources and warned countries continuing to support Tehran, which dismissed the move as an admission of defeat. Treasury Secretary Scott Bessent detailed secondary sanctions targeting Iran's partners in gold, technology, digital assets, aviation, and shipping, without specifying implementation dates or which countries might be affected. He warned non-participants would share Iran's isolation and face expulsion from the dollar system. Iran's economy minister promised a new defeat for Washington, citing a two-year plan to counter sanctions. The strategic Strait of Hormuz has been locked by Tehran for six months, spiking oil prices, while inflation reached 66% in July and oil exports fell to 0.4 million barrels daily.