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Bessent Launches Operation Economic Outcast to Cripple Iran

By Drooid · Sep 24, 2026, 10:51 AM UTC · How we work

Summary

Story summary

Treasury Secretary Scott Bessent announced Operation Economic Outcast to cripple Iran’s economy in late August.
China purchases more than 90 percent of Iran’s oil, providing vital foreign-currency earnings for Tehran.
U.S. officials estimate Iran has only 30 million barrels of oil outside the naval blockade to sell to China.
Sanctioning major Chinese banks could trigger retaliation and a new economic conflict between the United States and China.

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Story summary

Treasury Secretary Scott Bessent announced Operation Economic Outcast to cripple Iran’s economy in late August.
China purchases more than 90 percent of Iran’s oil, providing vital foreign-currency earnings for Tehran.
U.S. officials estimate Iran has only 30 million barrels of oil outside the naval blockade to sell to China.
Sanctioning major Chinese banks could trigger retaliation and a new economic conflict between the United States and China.