US prepares unprecedented economic isolation for Iran

US Treasury Secretary Scott Bessent has said his country will impose unprecedented economic sanctions on Iran starting next week. “Look out for further announcements next week as we will be implementing measures unprecedented in the history of economic isolation against a country,” Bessent said in an interview with Newsmax. Bessent added that this step will include a combination of unprecedented economic isolation and further blockading of the Strait of Hormuz. Although Tehran and Washington had signed a memorandum of understanding to end the conflict that began on 28 February, on 8 July, US President Donald Trump announced that the ceasefire was no longer in effect. Since then, US forces have launched a series of attacks on Iran. US Central Command (CENTCOM) claimed the attacks were in response to Iranian actions targeting commercial ships transiting the Strait of Hormuz. Iran did not remain silent. Its military retaliated by attacking US bases in the Middle East. In early August, Trump announced he had called off an attack on Iran due to the potential for a peace deal, which would include the opening of the Strait of Hormuz and an agreement on the nuclear programme. Meanwhile, Iran’s Foreign Ministry stated that Iran and Oman have agreed on the geographical details of shipping routes for vessels transiting the strait.