US sanctions target Iran's economic lifeline, warn allies

The United States announced Monday it will cut off all economic resources to Iran, warning other nations they will face isolation if they continue supporting Tehran. Iran called the move an admission of defeat by Washington. Treasury Secretary Scott Bessent unveiled new sanctions targeting gold, technology, digital assets, aviation, and shipping. He threatened to expel non-compliant countries from the dollar system, indirectly warning China, Iran's strategic partner. President Trump declared on Truth Social that "Iran is completely collapsing." The conflict began February 28 with an Israeli-American offensive. Iran's inflation reached 66 percent in July, and oil exports dropped to 0.4 million barrels daily by mid-August. Tehran dismissed the pressure, while Pakistan and Oman pursue diplomatic mediation.