The U.S. Treasury Department is due to cut off a major Egyptian bank's operations in the United Arab Emirates from the U.S. financial system, an official said Friday, as Washington pushes to choke Iran off economically.

President Donald Trump said Friday his administration has reached a huge oil deal with Venezuela that gives the United States majority control of 65 billion barrels of proven petroleum reserves.

Iran's economy, already strained by high inflation, years of Western sanctions and a war that has sharply reduced oil revenue, is poised for more instability as the Trump administration tries to coerce other countries into ending all financial dealings with the Islamic Republic.

A decision by the United Arab Emirates to suspend trade relations with Iran last week kick-started the White House's latest attempt to isolate Tehran into submission. Iran entered the war with its foreign commerce concentrated among a relatively small group of countries, leaving it with fewer places to turn now.

U.S. President Donald Trump says his country does not need Canada. But every day, roughly 4 million barrels of Canadian crude oil flow south, helping fuel American cars, trucks and airplanes and supply U.S. industry.

And oil is only the beginning.

As Canada moves to reduce its dependence on American military suppliers, the push is on display inside a Toronto garment factory.

Hunched over sewing machines, two workers rapidly stitch together pieces of camouflage-patterned fabric and Velcro strips. In the next room, workers snip stray threads as they inspect the finished product: helmet covers for the Canadian military.

Iran's Revolutionary Guards said on Wednesday they had agreed with Oman to share any revenues earned from transit fees in the Strait of Hormuz.

"During negotiations with Oman, some agreements were made regarding the share of each country in the waters of the Strait and the share of Iran and Oman in its revenues," said Guards spokesman Hossein Mohebi, adding that the US was "obstructing work" to finalize a deal.

Dubai International Airport, one of the world's busiest travel hubs, said Wednesday it saw a sharp drop in passengers during the second quarter as the war with Iran disrupted air travel and prompted many travelers to choose routes that avoided the Middle East.

The airport recorded 13 million passengers in the second quarter, down 31.3% in passenger traffic in the first-half of 2026 compared to the same period last year, with 31.5 million passengers

Iranian President Masoud Pezeshkian on Wednesday said that the "United States will achieve nothing" with its new round of economic sanctions, local media reported.

"Given the measures the government has undertaken, America will not achieve anything with economic pressure at this stage, just as it was unable to achieve anything in the war," Pezeshkian said, according to ISNA news agency.

President Donald Trump's trade war with Canada is escalating as the midterm elections approach, threatening Republican efforts to address voters' economic concerns in a year when control of the U.S. Senate hinges on states along the border between the United States and its northern neighbor.

The dispute flared over the weekend after negotiations broke down, leading Trump to raise tariffs on $20 billion in Canadian imports. Canada plans to announce tariffs of its own on Tuesday, and the spiraling conflict could lead to higher prices and scrambled supply chains for Americans already aggravated at the president's management of the economy.

Lines have grown outside gas stations across Tehran in recent weeks as the United States has tightened its blockade and threatened more severe sanctions, with some people waiting for two hours or more to fill up.

The uncertainty deepened on Tuesday, after U.S. Treasury Secretary Scott Bessent vowed to fully sever the country from the global economy. In recent days, Iranian officials have spoken of a possible reduction in heavy gas subsidies as they seek to endure the tightening blockade.