World news today live updates: US slaps new sanctions on networks aiding Iran’s proxies in Middle East
A man drives past a banner showing a portrait of the Iranian Supreme Leader Ayatollah Mojtaba Khamenei, in downtown Tehran, Iran. (Photo: AP)
The US-Iran war is intensifying on multiple fronts, with Washington tightening its economic squeeze on Tehran even as fighting spreads across shipping lanes, Yemen, and Saudi Arabia. Treasury officials confirmed a major new sanctions target is coming, while battlefield activity around the Strait of Hormuz and the Red Sea signals no near-term resolution.
Treasury vows new bank sanctions: Treasury Secretary Scott Bessent announced that Washington will hit a major, unnamed bank with sanctions early next week, part of an ongoing pressure campaign against Tehran. He indicated the penalty had originally been planned for Friday but was pushed back out of respect for September 11 memorial events. Bessent framed the strategy as financial isolation severe enough to threaten any company or individual still doing business with Iran, while separately, President Trump suggested the conflict would likely stretch on until after the US midterm elections in November.
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Key Developments
- New sanctions incoming: The US Treasury plans to sanction a large, undisclosed bank on Monday as part of its ongoing economic pressure campaign against Iran.
- Yemen’s port city falls: Houthi forces have taken control of Mocha, a key Red Sea port, tightening their grip near the vital Bab el-Mandeb shipping strait.
- Shipping under threat: Wednesday saw the heaviest attacks on vessels since the war began, pushing oil prices above $100 a barrel for the first time since July.
- Military and diplomatic fallout spreads: Iranian strikes damaged US aircraft in Jordan, Iran claims it hit a US drone vessel in Hormuz, and Saudi Arabia faced repeated missile alerts from Houthi attacks.
- No quick end in sight: Trump says the war will likely continue until after the November US midterms, even as economic pain from sanctions and rising oil prices grows.
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