U.S. plans to sanction another bank in effort to clamp down on Iran transactions, Bessent tells AP

# Why This Matters The Trump administration's strategy of targeting Iranian banks directly threatens to disrupt global energy markets and could drive up gas prices for American consumers in the near term. By systematically isolating Iranian financial institutions, the U.S. aims to prevent oil sales that fund Iran's military operations and proxy forces across the Middle East—but this approach carries significant collateral consequences. Secondary sanctions that discourage foreign banks from processing any Iran-related transactions tend to tighten global oil supplies, particularly if they reduce Iranian crude exports substantially. The real-world effect hinges on whether other major oil producers can compensate for lost Iranian supply; if they cannot, American drivers and businesses dependent on affordable fuel will likely absorb the cost of this escalation.