"US Can't Bomb Its Way To Victory": Scotiabank Maps Bessent's Coming Economic Hammer On Iran
"US Can't Bomb Its Way To Victory": Scotiabank Maps Bessent's Coming Economic Hammer On Iran Brent crude futures ended last week near $88.50 a barrel as traders awaited details of Treasury Secretary Scott Bessent's planned escalation campaign of the economic war agaiâŚ
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Tehran claims its forces attacked ten ships near the Strait of Hormuz in retaliation for alleged US strikes on five Iranian tankers, although US Central Command reported that all attempted attacks failed. These incidents, which occurred amid a six-month war characterized by Iranian efforts to restrict waterway access and US enforcement of a port blockade, have driven global oil prices above $100 per barrel.
Iranian media reports indicate the deployment of new precision missiles toward US warships in the Persian Gulf, while Israeli officials have raised alert levels for potential attacks during the Yom Kippur holiday. Although Israeli forces claim to have secured operational control of the Ali Al-Taher Hills in southern Lebanon, they have not provided evidence of this and have continued striking the area, which contradicts their stated position.
Hezbollah has reportedly conducted occasional drone operations against Israeli military assets in the region.
Iranian state media reported that the Revolutionary Guards attacked approximately 20 vessels, including two U.S. ships and eight oil tankers, in the Strait of Hormuz and Gulf of Oman as the conflict with the United States continued. The U.K. Maritime Trade Operations independently confirmed that "several" vessels were targeted by disabling fire, while Tehran also claimed a strike on a U.
S. military base in Jordan in retaliation for prior attacks on Iranian tankers, contributing to oil prices exceeding $100 per barrel.
US equity futures declined with the 10-year Treasury yield rising to 4.81% ahead of an expected Treasury buyback announcement, while Brent crude surpassed $100 following reported US strikes on Iranian tankers and Tehranâs subsequent missile response.
Corporate news included Meta reporting initial AI user engagement exceeding internal projections, offsetting broader market weakness. Meanwhile, the yen strengthened near 153.30 against the dollar amid statements from Treasury Secretary Scott Bessent and hedge fund positioning suggesting further appreciation.