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NewsWPLG Local 10August 24, 2026Miami-Dade

Treasury Secretary announces new U.S. sanctions targeting all Iranian revenue sources

Treasury Secretary Scott Bessent announced that the U.S. will impose new sanctions aimed at blocking all potential revenue for Iran and warned that nations continuing economic ties to Tehran face potential secondary sanctions. This move follows a record low for the Iranian rial and ongoing tensions regarding control of the Strait of Hormuz.

foreign policysanctionsiraneconomyinternational trade
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Why It Matters

The new sanctions threaten to penalize any country or entity that continues to trade with Iran, potentially disrupting global supply chains and further isolating the Iranian economy.

Key Facts

  • The U.S. Treasury announced new sanctions targeting all potential revenue sources for Iran.
  • The U.S. warned that nations continuing economic engagement with Iran face potential secondary sanctions.
  • The Iranian rial hit a record low of 2.02 million to the U.S. dollar on market exchanges.
  • Rice prices in Iran have increased by approximately 60% since the conflict began.
  • Beef prices in Iran have increased by over 150% since the conflict began.
  • The IMF forecasts Iran's GDP will contract by more than 5%.
  • The United Arab Emirates has suspended all trade with Iran.
  • Pakistan sent a high-level delegation to Iran to encourage negotiations.
  • Iran and Oman are reportedly finalizing a plan for joint management of the Strait of Hormuz.

Who's Mentioned

personScott Bessent“U.S. Treasury Secretary”locationChina“Major trade partner of Iran”locationTurkey“Major trade partner of Iran”personSadegh Mahmoudi“Tehran resident”locationUnited Arab Emirates“Major trade partner of Iran”personEskandar Momeni“Iranian Interior Minister”personMohsin Naqvi“Pakistani Interior Minister”locationIran“Target of U.S. sanctions”personAsim Munir“Pakistani Field Marshal”personDonald Trump“U.S. President”