US announces new Iran sanctions in 'economic onslaught,' aims to cut off Tehran's revenue sources

The US unveils new Iran sanctions as Trump says Iran is collapsing, while talks over the Strait of Hormuz and a wider peace deal continue.

Updated on: Aug 24, 2026, 23:29:10 IST

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The US has stepped up pressure on Iran by announcing new sanctions as President Donald Trump says Iran is “collapsing.” The move comes as the two countries remain stuck without a wider peace deal, while separate talks over the Strait of Hormuz continue. Treasury Secretary Scott Bessent called the sanctions the biggest financial attack ever against an enemy.

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