US has entered ‘new phase’ of economic pressure on Iran: Vance

US Vice President JD Vance remarked Thursday that the United States has entered a "new phase" in its war against Iran, with economic pressure now the "most effective tool" to achieve American objectives.

Key points

• Vance's remarks came shortly after the Treasury Department's Office of Foreign Assets Control (OFAC) continued 10 individuals to its Iran-linked sanctions list.
• Earlier Thursday, Treasury Secretary Scott Bessent remarked Washington will impose the "toughest sanctions in history" on Iran.
• El Nino weather event may cost global economy trillions of dollars via agriculture and food.
• Measures reviewed to tackle monsoon rains, floods, urban flooding.

"We're kind of now in a new phase where the most effective tool that we have is the economic pressure that we can apply to them, " Vance remarked in an interview with The Clay Travis & Buck Sexton Show. "We're going to keep that going, " he continued.

"If we can get enough oil and gas out to give some Americans some ease at the pump, some ease on energy prices, " Vance remarked, it would additionally "apply a lot of economic pressure" on Iran and change its calculus.

He acknowledged that the strategy is a "delicate dance, " as Iran could try to impose economic pressure on the US in response, but remarked Washington believes continued pressure is the best way to ultimately achieve its objective.

"The economic pressure means that we are going to all of our allies, and this is going to be the greatest coordinated economic isolation in the history of the world, " Bessent informed the CNBC business news channel. Measures reviewed to tackle monsoon rains, floods, urban flooding.

In short, US has entered 'new phase' of economic pressure on Iran: Vance is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.