Trade War Worsens: US targets Iran with fresh round of oil, economic sanctions

The United States re-imposed and strengthened economic sanctions on Iran's oil, banking and transportation sectors on Monday after the Trump administration withdrew from the 2015 Iran nuclear deal, and vowed further action to pressure Tehran.

"Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behaviour," US Treasury Secretary Steven Mnuchin said in a statement.

The sanctions cover 50 Iranian banks and subsidiaries, more than 200 persons and vessels in its shipping sector, and targets Tehran's national airline, Iran Air, and more than 65 of its aircraft, the statement said.