US Treasury claims Iran sanctions 'very successful', economy contracting 25%

Treasury Secretary Bessent asserts US sanctions have fully halted Iranian oil exports for the first time, with internal estimates of a 25% economic contraction from March 2025 to March 2026. The claim is unverified and likely overstated, but signals continued US pressure on Iran and its proxies. This matters as it could escalate tensions in the Middle East and impact global oil markets if Iranian exports are indeed curtailed.

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