Iran Finalizes Oman Trade Deal as U.S. Threatens Unprecedented Economic Isolation
Updated
Updated · CBS New York · Aug 21
Iran Finalizes Oman Trade Deal as U.S. Threatens Unprecedented Economic Isolation
3 articles · Updated · CBS New York · Aug 21
Summary
Iran said Friday it had finalized a preferential trade agreement with Oman, a regional trade push Tehran cast as a response to Washington's escalating sanctions campaign.
The deal came after President Trump threatened an "economic D-Day," while Vice President JD Vance and Treasury Secretary Scott Bessent said the war had entered a new phase centered on coordinated economic pressure.
23 weeks into the war, U.K. maritime data show Strait of Hormuz traffic has collapsed to about 4% of pre-conflict levels, underscoring how the standoff is disrupting trade beyond Iran itself.
Masoud Pezeshkian said it would be better to end the war now while Iran is "strong," even as he acknowledged shortages, public dissatisfaction and the strain of subsidies under sanctions and a U.S. naval blockade.
China rejected the U.S. pressure campaign on Friday, saying sanctions would not resolve the conflict, while analysts said Iran's long experience evading restrictions may blunt Washington's effort to force capitulation.