US Treasury Secretary: Blockade 'Suffocating' Iranian Economy

US Secretary of State Marco Rubio (L), Treasury Secretary Scott Bessent (C-L), Secretary of Defense Pete Hegseth (C-R) and Secretary of Commerce Howard Lutnik (R) arrive ahead of US President Donald Trump and Britain's King Charles III for a welcome ceremony on the South Lawn of the White House in Washington DC USA, 28 April 2026. EPA/WILL OLIVER
US Secretary of State Marco Rubio (L), Treasury Secretary Scott Bessent (C-L), Secretary of Defense Pete Hegseth (C-R) and Secretary of Commerce Howard Lutnik (R) arrive ahead of US President Donald Trump and Britain's King Charles III for a welcome ceremony on the South Lawn of the White House in Washington DC USA, 28 April 2026. EPA/WILL OLIVER
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US Treasury Secretary: Blockade 'Suffocating' Iranian Economy

US Secretary of State Marco Rubio (L), Treasury Secretary Scott Bessent (C-L), Secretary of Defense Pete Hegseth (C-R) and Secretary of Commerce Howard Lutnik (R) arrive ahead of US President Donald Trump and Britain's King Charles III for a welcome ceremony on the South Lawn of the White House in Washington DC USA, 28 April 2026. EPA/WILL OLIVER
US Secretary of State Marco Rubio (L), Treasury Secretary Scott Bessent (C-L), Secretary of Defense Pete Hegseth (C-R) and Secretary of Commerce Howard Lutnik (R) arrive ahead of US President Donald Trump and Britain's King Charles III for a welcome ceremony on the South Lawn of the White House in Washington DC USA, 28 April 2026. EPA/WILL OLIVER

Treasury Secretary Scott Bessent has said that the United States is “suffocating” Iran’s leadership through an “economic blockade” launched alongside the US military offensive at the end of February.

Iran’s oil infrastructure is deteriorating, Bessent said in a Fox News interview on Sunday. Storage is rapidly filling, and the regime may have to begin shutting in wells “in the next week.”

“Their oil infrastructure is starting to creak,” he said. “It hasn’t been maintained again because of our decades-long sanctions against them.”

Bessent said this would lead to lower oil prices, pointing to the futures market, which shows that “oil prices are already lower three months, six months, nine months out.”

He referred to the order in March from President Donald Trump on max pressure. “Three weeks ago, the president gave the order to Treasury myself to begin Economic Fury,” referring to his department’s initiative to supplement the Pentagon’s “Operation Epic Fury,” according to AFP.

“We are suffocating the regime, and they are not able to pay their soldiers. This is a real economic blockade, and it is in all parts of government,” he said. “No ships are getting through the strait from the Iranian side.”

US Central Command said on Sunday that 49 commercial vessels had been redirected to comply with US blockade operations against Iran.

“We have upped the pressure on anyone trying to remit money into Iran to help the IRGC,” Bessent said, referring to Iran’s Revolutionary Guard Corps.

“They (IRGC) are a corrupt institution. They have been stealing from the Iranian people for years. They have money offshore. We have tracked that down. We will continue to track that down, and we are going to preserve those assets for the Iranian people on the other side of this conflict,” he said.

On Saturday, Bessent wrote on X that the United States has “complete control” of the Strait of Hormuz and that the blockade on Iran will remain in place until freedom of navigation is restored.

“The BLOCKADE will continue, until there is pre-February 27 Freedom of Navigation,” Bessent said, referring to the date before Iran began barring non-hostile commercial vessels from the Strait of Hormuz.

The Iranian measure pushed the US to take counter actions, imposing a naval blockade to cut off Iran’s oil exports.

For his part, White House National Economic Council Director Kevin Hassett told CBS News that US-led pressure on Iran has left the country's economy “on the precipice of extreme calamity.”

He said Iranians are experiencing “hyper inflation and starting to have hunger.”



Iran Rejects France’s ‘Baseless Accusations’ on Cyberattack

Empty refrigerated shelves are seen inside a Delhaize Shop & Go store after an overnight IT incident affected cooling and freezer systems in a number of Delhaize stores in Belgium and Luxembourg, causing temperature spikes in refrigeration units, in Linkebeek near Brussels, Belgium, November 2, 2026. (Reuters)
Empty refrigerated shelves are seen inside a Delhaize Shop & Go store after an overnight IT incident affected cooling and freezer systems in a number of Delhaize stores in Belgium and Luxembourg, causing temperature spikes in refrigeration units, in Linkebeek near Brussels, Belgium, November 2, 2026. (Reuters)
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Iran Rejects France’s ‘Baseless Accusations’ on Cyberattack

Empty refrigerated shelves are seen inside a Delhaize Shop & Go store after an overnight IT incident affected cooling and freezer systems in a number of Delhaize stores in Belgium and Luxembourg, causing temperature spikes in refrigeration units, in Linkebeek near Brussels, Belgium, November 2, 2026. (Reuters)
Empty refrigerated shelves are seen inside a Delhaize Shop & Go store after an overnight IT incident affected cooling and freezer systems in a number of Delhaize stores in Belgium and Luxembourg, causing temperature spikes in refrigeration units, in Linkebeek near Brussels, Belgium, November 2, 2026. (Reuters)

Iran on Tuesday said French accusations that it was responsible for cyberattacks on supermarket fridges last month were "baseless".

"Iran's foreign ministry categorically rejects the French government's baseless and one-sided accusations against Iran regarding alleged cyber activities in France," the ministry said in a statement.

It added that it "strongly condemns this hackneyed policy of leveling accusations against the country".

Hundreds of French supermarkets were hit in the October 11 and 12 cyberattacks, which raised the temperatures in their refrigerators and freezers, forcing many to throw away entire inventories of perishable food.

Similar incidents were then reported in at least 11 other European countries in early November.

Along with summoning Iran's ambassador and seeking European-level sanctions, French Foreign Minister Jean-Noel Barrot said Tuesday that Paris would "rule nothing out and will take all measures -- including those we may not disclose publicly -- that we deem proportionate and necessary to deter any further attacks".

Tehran, meanwhile, said it would "not hesitate to take necessary and appropriate measures to safeguard its national interests and security in the face of unlawful foreign activities".

It added that France "is merely projecting its own governance failures" with these accusations.

Later in the day, Iran's Foreign Minister Abbas Araghchi blamed the French government for the incident.

"Unable to manage fridges let alone addressing grievances of its people, French government is shifting blame for its failures onto others," the top diplomat said on X.

Also on Tuesday, the European Union said it would look to provide a "swift and united response" pending discussion with member states after France's announcement.


Eisenkot Quickly Targets Netanyahu’s Legacy in New Israeli Parliament

 Former military chief Gadi Eisenkot, Israeli Prime Minister Benjamin Netanyahu, Israeli President Isaac Herzog and other Israeli officials pose for a family photo on the day of the inauguration of Israel's 26th parliament, at the Knesset in Jerusalem, November 10, 2026. (Reuters)
Former military chief Gadi Eisenkot, Israeli Prime Minister Benjamin Netanyahu, Israeli President Isaac Herzog and other Israeli officials pose for a family photo on the day of the inauguration of Israel's 26th parliament, at the Knesset in Jerusalem, November 10, 2026. (Reuters)
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Eisenkot Quickly Targets Netanyahu’s Legacy in New Israeli Parliament

 Former military chief Gadi Eisenkot, Israeli Prime Minister Benjamin Netanyahu, Israeli President Isaac Herzog and other Israeli officials pose for a family photo on the day of the inauguration of Israel's 26th parliament, at the Knesset in Jerusalem, November 10, 2026. (Reuters)
Former military chief Gadi Eisenkot, Israeli Prime Minister Benjamin Netanyahu, Israeli President Isaac Herzog and other Israeli officials pose for a family photo on the day of the inauguration of Israel's 26th parliament, at the Knesset in Jerusalem, November 10, 2026. (Reuters)

Israeli ex-army chief Gadi Eisenkot and his allies launched a legislative onslaught against caretaker Prime Minister Benjamin Netanyahu's legacy on Tuesday, as a new parliament convened in a heated first session. 

Though questions still linger as to who can form a government, Eisenkot's broad left-to-right bloc wasted no time in setting the agenda of the new Knesset with a green light from Israeli-Arab lawmakers, whose role has stirred up heated opposition from Netanyahu's base and even right-wing supporters of Eisenkot. 

Eisenkot's Yashar party said it submitted a slew of proposals before the new parliament, including establishing an independent commission to investigate security failures that allowed the Hamas attack on October 7, 2023, the deadliest day in Israel's history. 

Netanyahu has long opposed such a probe, denying any wrongdoing and calling instead for a politically appointed commission. 

Eisenkot's party also moved for a sweeping repeal of a judicial overhaul implemented by Netanyahu's government, which had triggered some of Israel's largest-ever protests before being overshadowed by three years of war. 

Setting the stage for legislative action, Eisenkot's bloc announced it had secured the votes to install a new parliament speaker, Matan Kahana, also a former senior military figure. 

But neither Eisenkot nor Netanyahu -- Israel's longest-serving prime minister with nearly two decades in power -- have the 61 votes needed to form a government. 

"I am committed in this complex situation to form a national-emergency government as quickly as possible," Eisenkot, a low-key 66-year-old who only recently entered politics, said before his swearing-in. 

Netanyahu, speaking after the inaugural session, made a new push for a national-unity government, saying Israel needed to confront a threat from Iran's clerical government, which has survived two major Israeli bombing campaigns the premier ordered with support from US President Donald Trump. 

With his political survival on the line -- and facing potential jail time if convicted on corruption charges after he is out of power -- Netanyahu appeared to acknowledge a shifting diplomatic reality after US Democrats soundly defeated Trump in midterm elections last week on the back of anger over the war. 

"In the very near future, we're going to be confronted by international pressure to accept a nuclear-armed Iran and the preservation of this terror regime that seeks to annihilate us," Netanyahu said. 

Iran denies seeking nuclear weapons and both Netanyahu and Trump have previously boasted that its nuclear program was devastated. 

Eisenkot dismissed the remarks as a "shameful" exploitation of the occasion, casting them as evidence that Netanyahu was "unfit to remain in office for even one more minute". 

- Confrontations over Arab-Israelis - 

President Isaac Herzog on Sunday tasked Eisenkot with forming a government, giving him an initial 28 days, which can be extended by 14 more. 

Opening the session, Herzog, who otherwise holds a largely ceremonial role, urged lawmakers to "do everything to avoid a repeat election". 

"Reach out a hand for compromise, even between rivals," Herzog said. 

But the tone in the new parliament was immediately tense, with shouting breaking out between lawmakers. 

Eisenkot's choice for speaker is expected to sail through thanks to support from Arab-Israeli lawmakers, whose ranks grew to historic highs due to anger over Netanyahu's far-right government. 

But Avigdor Liberman -- a member of Eisenkot's bloc who has become a staunch critic of his former mentor Netanyahu despite sharing his hawkish views -- has refused to serve in a government that relies on the Israeli-Arabs. 

A number of Israeli-Arab lawmakers -- descendants of Palestinians who stayed after Israel's creation in 1948 -- left the opening session Tuesday as children sang the national anthem so as to avoid standing for it. 

Liberman posted news of the walkout on social media, writing: "You want to form a government with them?" 

Far-right caretaker national security minister and Netanyahu ally Itamar Ben-Gvir loudly heckled Yousef Jabareen, leader of the largest Arab-majority grouping, the Joint List, during the session. 

"Who is he pledging allegiance to, Hamas?" Ben-Gvir shouted before order was restored. 

Mansour Abbas, leader of the Israeli-Arab party Raam, generally seen as more moderate, promised to work to replace the Netanyahu government, saying: "We aspire to be part of the solution." 

- Plea for ultra-Orthodox - 

Shunning Arab-Israelis, Liberman has instead proposed an alliance with ultra-Orthodox Jews, despite his years of bitter denunciations of the community for its singular priority on maintaining an exemption from mandatory military service. 

Eisenkot's core bloc has 48 seats, but would achieve a majority if the 19 Arab-Israeli lawmakers either enter the government or, more likely, vote for it without joining. 

The two ultra-Orthodox parties hold 13 seats. United Torah Judaism, which has seven, has stopped short of recommitting to Netanyahu, leaving him with 46 seats. 

Netanyahu publicly pleaded with the ultra-Orthodox to stay with him. 

"They're going to promise you the moon and the stars but one minute after, God forbid, they form a government run by the left, all of those promises will vanish," he said. 


Paraguay Partially Reimburses Almost All Bank Crisis Victims

The interior of a closed Ueno Bank's office, which Paraguay's central bank seized amid a solvency crisis, is seen through its window that broken last week during a protest against the government and the bank in Asuncion, Paraguay, Monday, Nov. 9 , 2026. (AP)
The interior of a closed Ueno Bank's office, which Paraguay's central bank seized amid a solvency crisis, is seen through its window that broken last week during a protest against the government and the bank in Asuncion, Paraguay, Monday, Nov. 9 , 2026. (AP)
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Paraguay Partially Reimburses Almost All Bank Crisis Victims

The interior of a closed Ueno Bank's office, which Paraguay's central bank seized amid a solvency crisis, is seen through its window that broken last week during a protest against the government and the bank in Asuncion, Paraguay, Monday, Nov. 9 , 2026. (AP)
The interior of a closed Ueno Bank's office, which Paraguay's central bank seized amid a solvency crisis, is seen through its window that broken last week during a protest against the government and the bank in Asuncion, Paraguay, Monday, Nov. 9 , 2026. (AP)

Almost all eligible depositors who lost access to their money in a bank seizure that rocked Paraguay have had part of their funds reimbursed, the Central Bank said Tuesday.

The November 3 takeover of Ueno Bank amid major insolvency concerns locked almost half the population of the normally stable country out of their accounts.

Senators impeached President Santiago Pena, who is linked to Ueno, over the crisis -- a key demand of large-scale nationwide protests along with the return of the money.

The government, now led by Pena's former vice president Pedro Alliana, sped up the return of deposits via a guarantee fund.

Ninety-three percent of eligible depositors had been at least partially reimbursed via the fund as of Monday, its director Jose Maciel told a press conference.

"They finally transferred the money I was missing," 45-year-old Rosario, who preferred not to give her surname, told AFP.

Between Thursday and Monday, $340 million had been reimbursed to nearly 1.7 million people, according to Central Bank data.

The bank has identified 1,867,000 Ueno clients entitled to access the guarantee fund, its press office told AFP, without specifying how many people do not qualify.

Ueno began as a small fintech company with a digital-first model that attracted many low-income customers.

Within three years it became a major bank handling state pensions and the accounts of several government entities.

The number of individuals affected by the crisis surpasses the number of direct clients of the bank, which held over $800 million in public funds.