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US Treasury Secretary Scott Bessent declared that an “economic D-Day” had begun against Tehran a
Donald Trump (Photo: AFP file)
President Donald Trump said Monday that Iran is “collapsing” hours before the US government was set to announce details of what it says will be crushing sanctions against Tehran.
“IRAN IS COMPLETELY COLLAPSING!!!” Trump posted in his trademark all-caps style on his social media platform Truth Social.
His remarks came hours after US Treasury Secretary Scott Bessent, in a column for the Financial Timesdeclared that an “economic D-Day” had begun against Tehran and warned that any country that continued to enable the Islamic republic would become a “global pariah”.
Bessent also claimed on X that the US had “dismantled Iran’s military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear programme”.
How Iran Reacted To US Sanctions Threat
Iran said the latest US measures were an admission of military defeat, and it warned countries against aiding Washington.
Deputy Foreign Minister Kazem Gharibabadi posted on X that the US turn to financial warfare proved Bessent’s claims false.
“Your narrative doesn’t add up,” Gharibabadi said, asking why, if Washington had achieved its goals, “there is a need for ‘the largest financial invasion in history’ and the mobilisation of ‘all institutions and powers’ of the United States!
“Is this a victory or an admission of America’s defeat?”
Strait Of Hormuz Remains The Bone Of Contention
The US and Israel had cited Iran’s nuclear programme as the basis for launching their war in February. However, as the conflict enters its later stages, the Strait of Hormuz has emerged as a major flashpoint, with the vital waterway crucial to global oil and gas supplies at the centre of the crisis.
Tehran has continued to blockade the Strait of Hormuz, despite not restricting passage through the waterway before the war. The disruption has sent energy and shipping costs higher, added to inflationary pressures worldwide and increased domestic pressure on US President Donald Trump ahead of the November midterm elections.
Iran’s Rial Falls Past 2 Million To USD
Iran’s rial fell to a record low of 2.027 million against the US dollar in the open market on Monday, according to the latest available exchange rates.
The currency’s continued decline comes amid mounting economic pressure on Iran, with the conflict and disruption around the Strait of Hormuz adding to uncertainty in the country’s already strained economy.
The euro climbed to 2,347,600 rials, while the British pound reached 2,765,900 rials. The UAE dirham was quoted at 552,000 rials.
Key Questions Answered
Ask News18New US sanctions are expected to target Iran’s oil trade, financial networks, and international partners, aiming to restrict its access to international commerce. These measures are part of an “Economic D-Day” and are described as the “greatest financial offensive ever marshalled” against Iran. Countries that continue to do business with Tehran could face US enforcement action.
Ask News18About the Author
Saurabh Verma is a Chief Sub-Editor at News18.com, specializing in Indian politics, national current affairs, and breaking global news. With years of experience tracking power shifts, election strateg…Read More
Washington D.C., United States of America (USA)
August 24, 2026, 6:58 PM IST
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