Iran faces 'greatest financial offensive ever', says US treasury secretary
Monday, 24 August 2026
Warm-up
- How can financial pressure change a country's behaviour?
- What risks do high oil prices create in your country?
- Should politics affect who companies trade with? Why or why not?
Vocabulary
- sanction
- an official limit or ban used by governments to punish or pressure a country
- sever
- to cut off a connection completely
- isolate
- to separate someone or something so it has few links or support
- onslaught
- a very strong and aggressive attack
- blockade
- an action that stops goods or people from entering or leaving a place
- strait
- a narrow stretch of sea that connects two larger bodies of water
- benchmark
- a standard or reference point used to compare values or performance
- mediator
- a person or country that helps others reach an agreement
Reading
The US announced a new wave of sanctions on Iran, which Treasury Secretary Scott Bessent called "the single greatest financial offensive ever". He said the US would sever all economic ties with Iran and isolate any nation that partners with it.
Called "Operation Economic Outcast", the measures target five sectors: digital assets, technology, gold, aviation and shipping. Officials described an economic onslaught on Iran's financial links. The Treasury said it had mapped networks used to evade oil curbs and sanctioned almost 60 entities, individuals and vessels to choke revenue to Iran's Islamic Revolutionary Guard Corps.
Iran warned it would halt oil exports if the war continues and, after a US naval blockade, told shipping not to pass the Strait of Hormuz without its permission. About a fifth of global oil and gas moves through the strait, but flows have been blocked since late February, lifting prices.
Analysts questioned the impact, noting that roughly 90% of Iran's oil goes to China. Brent crude, the global benchmark, traded near $92, while US gasoline topped $4 a gallon. Earlier, mediator Pakistan helped cool a threat and urged diplomacy.
Comprehension
- What two actions did Scott Bessent say the US would take?
- Which five sectors are targeted by Operation Economic Outcast?
- What warning did Iran issue about the Strait of Hormuz?
- Why do some analysts doubt the impact on Iranian oil flows?
- Which prices were highlighted as rising in the report?
Grammar focus
Future in the past (was to have done)
Use 'was/were to have + past participle' for plans or events that were expected in the past but did not happen. (Examples constructed.)
- A summit **was to have taken** place before the sanctions.
- Plans **were to have included** shipping bans.
Grammar exercise
Complete each sentence with the correct form of the verb in brackets.
- The shipment (arrive) ___ before the curbs, but it was delayed.
- A tanker (pass) ___ the strait under an earlier schedule, yet it did not.
- Staff (map) ___ the networks beforehand, but the work was unfinished.
- An analyst (warn) ___ of price rises before flows were blocked.
- The convoy (stop) ___ at port by then, but it remained at sea.
Discussion
- Do financial sanctions change behaviour, or harden positions?
- Should countries accept higher prices to pursue foreign-policy goals?
- How might a blockade at a key strait affect your economy?
- What makes a sanctions package credible to markets?
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