Iranian Parliament Speaker Mohammad Bagher Ghalibaf mocked U.S. economic policy on Sunday, sarcastically linking Washington’s move to import frozen meat with the Treasury’s decision to double long-term bond buybacks.

Ghalibaf posted on X that a "frozen foreign policy" delivers a "frozen economy," questioning if the plan for bonds was to "import frozen yields." He added that the only thing still moving is what he called the "Iran boomerang," referencing President Donald Trump’s recent threat of the "most crushing economic operation ever" against Tehran.

Bond Market Pressure

The U.S. Treasury announced last week it would double its long-dated bond buybacks after the 30-year yield climbed to 5.33%, its highest level since 2007. The 10-year yield reached 4.747% during the same period.

The intervention followed a rough stretch of Treasury auctions. A $25 billion 30-year sale cleared at 5.216%, the highest yield for that maturity since 2001.

Fiscal Deficit and Debt

Behind the pressure is the widening U.S. deficit, which hit $432.3 billion in July. This marks the largest monthly shortfall since March 2021, pushing the fiscal-year total toward $1.8 trillion.

The compounding fiscal burden pushed America’s gross national debt past $40 trillion for the first time in history last week.

Beef Import Backlash

Trump announced Friday that the U.S. would allow up to 300,000 metric tons of ground beef to be imported tariff-free over 90 days. The beef is to be sold at 25% below market price to lower costs for American consumers.

Sen. Mike Rounds (R-S.D.) criticized the move, stating it disadvantages American cattle producers. Rep. Thomas Massie (R-Ky.) called it "central planning" that will not incentivize U.S. ranchers to expand.

Iran Economic Campaign

Last week, Trump announced an economic campaign against Iran, calling it an "economic D-Day." He warned that oil smuggling, swap lines, cash transfers, and ship registries supporting Tehran must stop immediately.

Treasury Secretary Scott Bessent echoed the warning, stating any nation maintaining ties to Iran would face "economic oblivion."

What the Numbers Show

The simultaneous rise in long-term yields and record deficit spending highlights a divergence between fiscal expansion and borrowing costs. With the 30-year yield at 5.33% and the monthly deficit at $432.3 billion, the Treasury’s decision to double buybacks reflects direct intervention to manage liquidity amid rising supply pressure.

Iran’s national security chief warned Gulf neighbors Saturday that joining Washington’s economic pressure campaign would designate them as enemies. Mohsen Rezaei stated Tehran would target the interests of participating countries.

The remarks aired on state broadcaster IRIB, citing Rezaei’s threat to escalate beyond targeting military bases if further US sanctions are imposed. This follows President Donald Trump’s campaign to isolate Iran’s economy, which he claims will have tremendous consequences for trading partners.

Rezaei Raises Stakes for Gulf Energy Trade

Rezaei, a former Revolutionary Guard commander and key adviser to Supreme Leader Ayatollah Mojtaba Khamenei, replaced Mohammad Bagher Zolghadr as secretary of the security council this month. He previously ran unsuccessfully for president.

Last week, Rezaei stated via X that the Strait of Hormuz would reopen only when the US ends the war and blockade, releases Iran’s frozen assets, and agrees to a region-wide ceasefire in Lebanon and Gaza.

In a post on X on Sunday, Rezaee warned that “not a single drop of oil will be exported” through the Strait of Hormuz or the Persian Gulf, “if the economic war continues,” reaffirming his earlier warning to countries participating in U.S. measures.

He added that Tehran would “regard any country’s participation in or support for America’s economic war against the Iranian people as an act of war.”

According to data collected by Marine Traffic, which tracks the movement of ships across the world, there were a handful of vessels traversing through the area at the time of writing this article.

Trump Pushes Economic Isolation Campaign

Trump has repeatedly called the Strait of Hormuz "new U.S. territory," a claim with no legal standing. The strait remains a critical bottleneck for roughly a fifth of global oil supply, keeping crude markets on edge.

Regional uncertainty has deepened with no signs of improvement. The UAE has suspended trade with Iran, while France and Saudi Arabia are set to discuss pipeline and rail alternatives to bypass the strait.

Trump had earlier said that the administration was preparing unprecedented financial sanctions aimed at Iran, a move that was also backed by U.S. Vice President JD Vance and Treasury Secretary Scott Bessent.

While Vance backed the measures, he also said that oil was moving through the Strait of Hormuz, a claim that was supported by Trump’s Energy Secretary Chris Wright.

Trump’s Environmental Protection Agency (EPA) also recently issued a waiver, allowing the release of winter blend gasoline earlier, touting the move as a relief to high prices at the pump.

Former General Says US May Have Lost Access to 15 Gulf Bases

Retired U.S. Army Gen. Barry R. McCaffrey said he believes the U.S. military has "probably permanently lost access to 15 Persian Gulf bases."

McCaffree added that the U.S. would have to “negotiate new access in western Saudi Arabia, Israel, southern Europe” and said that Tehran was “poised to control access [to] the Gulf States.”

Iran was earlier reportedly planning strikes against U.S. targets in Southern Europe, with Bulgaria’s Bezmer Air Base—where U.S. KC-135 refueling aircraft had been temporarily stationed—among potential targets. Two U.S. tankers left the base on Aug. 21, according to Bulgaria’s defense minister.

Analysts from Kpler also claimed that Iran had “partially lost” control over the Strait of Hormuz, saying that ships were transiting through the waterway via the Omani route.

Oil, Gas Prices

At the time of writing this article, the West Texas Intermediate (WTI) crude was trading at $85.64/bbl, while the Brent crude commanded a price of $93.05/bbl at press time. Meanwhile, the oil ETF United States Oil Fund (NYSE: USO) slipped 1.09% to $133.17 during overnight trading.

The national average price of gas remained above $4 on Sunday at $4.0986/gallon, while the national average price of diesel rose to $5.6074/gallon on Sunday. The average diesel price in California surged to $7.1423/gallon.