Iran

Economic Isolation

Plus: Socialist real estate, return of the carrier pigeon, and more...

Liz Wolfe | 8.24.2026 9:30 AM

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(Yuri Gripas/UPI/Newscom)

Ratcheting up? "U.S. Treasury Secretary Scott Bessent has promised to reveal severe measures on Iran, which has endured near-continuous economic sanctions ​since the Islamic Revolution of 1979, when he gives a press conference at 1 p.m. EDT (1700 GMT) on Monday," reports Reuters.

This comes in response to Iran's recent escalation, blacklisting 45 oil tankers who had allegedly broken its rules crossing the Strait of Hormuz without permission. These ships might be fined and detained; they might have their cargo confiscated; and "any vessels involved in ship-to-ship transfers ​with the named vessels could be added to the blacklist" as well, per Reuters.

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Bessent and the rest of the Trump administration say they're ready to ratchet up the pressure:

President Trump has dismantled Iran's military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program.

We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled........

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