US Treasury Secretary Scott Bessent has launched what could be the most aggressive economic pressure campaign against a single country in modern history, announcing a coordinated effort to completely sever Iran from the global financial system. This initiative, described as the greatest coordinated economic isolation in the history of the world, includes secondary sanctions targeting any third-party nation providing economic support to Tehran, including China, Iran’s major trading partner. Oil prices have surged to multi-week highs in response to the announcement, while Iran has threatened to disrupt exports through the Strait of Hormuz, through which approximately 20% of the world’s oil passes. This campaign is part of a broader conflict between the United States, Israel and Iran, combining military operations with financial warfare.
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