US unveils 'Operation Economic Outcast' sanctions against Iran

On August 24, 2026, US Treasury Secretary Scott Bessent announced a new sanctions package against Iran, dubbed 'Operation Economic Outcast.' Bessent said the goal is to sever all economic lifelines of what he called Iran's 'murderous regime,' describing the move as an economic 'D-Day.' The sanctions are designed to isolate Iran economically and pressure the country through 'economic asphyxiation.'

Bessent also stated that the world must choose between the US and Iran. The announcement had an immediate effect on financial markets, with Treasury yields edging higher. The move is part of the Trump administration's broader strategy to tighten economic pressure on Iran, a country that observers note has become somewhat numb to economic pain after years of sanctions.