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strikeAug 16, 2026

"US Can't Bomb Its Way To Victory": Scotiabank Maps Bessent's Coming Economic Hammer On Iran

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"US Can't Bomb Its Way To Victory": Scotiabank Maps Bessent's Coming Economic Hammer On Iran

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  • currentsapi(Mixed)By Tyler Durden

    "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 agai

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strikeUnverifiedUSIsraelIranUNRussiaChina
1 source

The UN nuclear watchdog's 35-nation board of governors has passed a resolution reporting Iran to the UN Security Council for the first time in 20 years for breaching its non-proliferation obligations, diplomats said on Wednesday. The International Atomic Energy Agency (IAEA) resolution follows a previous one passed on June 12 last year - the day before Israel started bombing Iran's nuclear facilities, soon followed by the United States - that found Iran in "non-compliance" with those obligations.

Reporting the breach to the council required another resolution. While the Security Council is unlikely to take concrete action against Iran since its allies Russia and China are permanent, veto-wielding members, the move is an escalation in a diplomatic standoff between Iran and Western powers.

Iran warned on Monday it would retaliate if the resolution passed, but Iran's mission to the IAEA did not mention retaliation in its initial reaction. Iran says US is 'delusional' "Once again, a political resolution on Iran is nonconsensually adopted by the #IAEA BoG (Board of Governors)," it said on X/Twitter, referring to the fact that the resolution was voted on rather than adopted without any country objecting.

"The current situation is created solely because of the criminal acts of aggression by the US and Israeli regime. The delusional objective of the US to force the great Iranian nation into 'surrender' and to plunder its oil will never happen," it added.

The resolution text, proposed by the US, Britain, France and Germany, passed with 23 votes in favor, three against and eight abstentions, said diplomats at the closed-door meeting, adding that those that opposed it were Russia, China and Niger. "(The board) requests the (IAEA) Director General to report this resolution and the previously adopted resolutions ...

to all Members of the Agency and to the Security Council and the General Assembly of the United Nations, in accordance with the relevant provisions of the IAEA Statute," the text read. While the finding of non-compliance predates the war between the United States and Iran and concerns Tehran's failure to explain uranium traces found at undeclared sites that the agency spent years investigating, there is now another standoff over IAEA access to the sites bombed by Israel and the US Lack of access a 'serious proliferation concern' Iran has not let IAEA inspectors return to its bombed sites, including the three uranium-enrichment plants at the heart of its nuclear program that were destroyed or badly damaged in the military strikes.

Tehran has also not accounted for its stock of enriched uranium, some of which was enriched to up to 60% purity, a short step from the roughly 90% of weapons-grade. "The Agency's lack of information about these facilities and associated nuclear material and our inability to conduct verification activities at these facilities is a matter of serious proliferation concern," IAEA chief Rafael Grossi told his agency's board on Monday.

"The situation needs to be rectified with the utmost urgency," he added. The IAEA estimates Iran had 440.9 kg of uranium enriched to up to 60% before the US-Israeli attacks. That is enough, if enriched further, for 10 nuclear weapons, according to an IAEA yardstick.

How much has survived is unclear, although the IAEA has said it believes more than 200 kg remains at one site. Wednesday's resolution specifically mentioned two previous ones: the June 12, 2025 text finding Iran in non-compliance and the most recent one, from June of this year, telling Iran to declare its remaining enriched uranium stocks and let inspectors verify them.

strikeUnverifiedUSIranProxy
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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.

Location: Strait of Hormuz
strikeUnverifiedUSIsraelIranProxy
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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.

Location: Iran
strikeUnverifiedUSIsraelIran
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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.

Location: Tehran