Israel Strikes Lebanon as US Prepares New Iran Sanctions

Summary

Bloomberg Senior Editor Wendy Benjaminson discusses the stalled U.S.-Iran standoff after Israel's deadliest attacks in Lebanon in months. She explains the ceasefire expiring is largely a marker, with no clear progress toward ending the conflict or lowering global gas prices. She also highlights upcoming U.S. sanctions and the limits created by China's role as the buyer of 90% of Iranian oil exports.

• Lebanon saw its deadliest day of Israeli attacks in months.
• The Israel-Lebanon ceasefire technically expires Monday, but both sides had already declared it dead.
• U.S.-Iran negotiations remain stalled, with Treasury Secretary Scott Bessent set to announce new economic pressure tactics this week.
• Iran and Oman are reportedly discussing a deal to administer the Strait of Hormuz, though the U.S. is not a party.
• Israel is still attacking Iran-backed Hezbollah while Jared Kushner discusses Gaza in Egypt.
• Iran's economy is under severe stress with inflation around 77%, but Iran historically does not capitulate easily.
• China buys about 90% of Iran's oil exports, complicating U.S. maximum-pressure sanctions ahead of a Trump-Xi meeting.