U.S. Treasury Secretary Scott Bessent. File
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U.S. Treasury chief Scott Bessent said the United States will impose “the toughest sanctions in history” on Iran, a move he suggested would lessen the need for new major military operations.Mr. Bessent’s comments on Thursday (August 20, 2026) followed U.S. President Donald Trump’s threat a day earlier of “Economic Warfare” and warning of economic consequences against any country that provided “any type of lifeline to Iran.”Meanwhile, U.S. warned allies and China to join Mr. Trump’s new campaign to isolate the Iranian economy, vowing that Washington would “collapse this regime” in Tehran.Follow the live updates hereAugust 21, 2026 07:36 Oil prices hit three-week high on U.S. threats to end warOil prices rose to more than a three-week high on Thursday following those U.S. threats of financial penalties aimed at forcing an end to a nearly six-month-old war that has stranded millions of barrels of oil. Published - August 21, 2026 07:36 am IST
