U.S. fires on 2 more tankers as Washington awaits Iran response on deal

The U.S. Treasury Department has imposed new sanctions on 10 individuals and companies accused of supporting Iran’s drone and ballistic missile programs. These sanctions, enforced by the Office of Foreign Assets Control, target entities aiding Iran’s military in acquiring weapons and materials for its Shahed-series drones and missile initiatives. The State Department also sanctioned four additional entities. Companies in China, Dubai, Hong Kong, and Belarus were identified as intermediaries assisting Iran’s Center for Innovation and Technology Cooperation (CITC) with financial and technological support. The CITC has reportedly attempted to purchase weapons from China. Among the sanctioned is Hong Kong-based Mustad Limited, accused of helping Iran procure millions of dollars in weapons. Treasury Secretary Scott Bessent emphasized the U.S.’s commitment to targeting those aiding Iran’s military. Meanwhile, Southeast Asian leaders, affected by the Iran conflict, adopted a contingency plan to address fuel supply issues, including emergency fuel sharing and promoting electric vehicles. Satellite images revealed an oil slick in the Persian Gulf near Iran’s Kharg Island, a key crude export terminal. QUESTION: How might international sanctions on countries like Iran impact global economic stability and fuel prices?