“The U.S. Treasury Secretary has been gleefully boasting about wanting to impoverish Iranians and collapse our economy. Instead, he stands powerless and exposed as the world loses belief in the U.S. financial system,” Araghchi—who is accompanying President Masoud Pezeshkian to the 18th BRICS summit in the Indian capital, New Delhi— wrote on his X platform on Friday evening.

“Meltdown over cost of funding U.S. debt is only the beginning,” he wrote his post, along with an image of Bessent and a graph showing the American bond market under fire.

The US war on Iran has intensified pressure on the treasuries market, with interest rates on government bonds hitting a record high amid historically large budget deficits — currently running at around 6 per cent of GDP.