U.S. sanctions Iranian airlines in aim to tighten economic squeeze as war spreads, oil rises

A Boeing 747 (top) belonging to the Iranian Mahan Air airline is photographed at Mehrabad Airport in western Tehran, Iran, on October 16, 2024. Morteza Nikoubazl | Nurphoto | Getty ImagesThe Treasury Department on Tuesday sanctioned 27 Iranian airlines and a handful of other entities as part of its ongoing effort to isolate Iran's economy.The move comes as Tehran and its proxies continue to launch attacks in the Strait of Hormuz and the surrounding region, further entangling other countries in the U.S.'s more-than-six-month war and placing more pressure on global energy prices.The latest U.S. action under "Operation Economic Outcast" targets all Iranian airlines that were not already facing sanctions."Let this be a warning to anyone doing business with Iran's remaining airlines, all of which we sanctioned today: You are at risk of being cut off from the global financial system," Treasury Secretary Scott Bessent said in a statement.This is breaking news. Please check back for updates.