New Delhi, Aug. 14 -- WASHINGTON - An oil tanker belonging to Abu Dhabi National Oil Company was struck Thursday evening inside the Strait of Hormuz, the latest violent chapter in a maritime standoff that Treasury Secretary Scott Bessent declared would soon enter an entirely new phase.

"Watch this space for more announcements coming next week," Bessent said, "because we are going to apply measures like have never been seen in the history of economic isolation on a country." The remarks, made in a Newsmax appearance Wednesday evening, landed as Brent crude climbed to $87.93 a barrel, a gain of roughly one percent on the day and five percent over the week, and as ceasefire negotiations between Washington and Tehran remained at a standstill...