Iranian Parliament Speaker Bagher Ghalibaf responded to US Treasury Secretary Scott Bessent with a Halloween-themed jab on X, questioning the stability of the US economy while Washington touts the success of its sanctions campaign against Tehran.

Ghalibaf quoted Bessent’s post regarding "Operation Economic Outcast," the Trump administration’s economic pressure strategy. The Iranian official posted, "Boo! Are you ready?" alongside a meme depicting a ghost formed from US economic indicators, including rising diesel prices, 10-year Treasury yields, junk bond spreads, consumer confidence, and housing affordability.

Sanctions and economic pressure

Bessent had asserted that the sanctions campaign was effective, citing the Iranian rial’s plunge to record lows and reports of Iran failing to load crude onto tankers last month. He accused Tehran of prioritizing terrorism and nuclear development over its population’s welfare, stating the campaign would continue until Iran changes course.

According to Oanda, $1 equals about 1.718 million Iranian rials.

Oil markets tighten

Global energy markets faced continued upward pressure due to disruptions linked to the Iran conflict. Late in the day, WTI crude rose 0.89% to $90.24 per barrel, while Brent crude gained 0.78% to $101.36 per barrel. Natural gas futures increased 0.71% to $3.136 per MMBtu.

The US Energy Information Administration raised its oil-price forecasts, citing rapidly declining global inventories, tight diesel supplies, and risks to physical oil flows. The agency now expects Brent to average about $105 a barrel in the fourth quarter, $14 above its previous estimate.

The Strait of Hormuz, which handled roughly 20% of global oil supplies before the conflict, has also faced disruptions.

What the numbers show

A divergence exists between the narrative of successful sanctions and the market reality facing the US. While Bessent highlighted Iran’s currency collapse, Ghalibaf’s response leveraged rising US domestic costs (diesel, yields) and global energy inflation. The EIA’s significant $14 upward revision in Brent forecasts underscores that geopolitical tensions are tightening supply, potentially counteracting the intended economic isolation by driving up energy costs globally.

US crude oil futures settled nearly unchanged at $89.44 per barrel, gaining 1 cent or 0.01% in the latest trading session.

Settlement details

The marginal move signals a broadly steady session for crude oil futures, with prices holding close to the prior close. The following table summarises the key settlement data.