Overview
- President Trump announced the operation on Thursday and Treasury Secretary Scott Bessent said the plan represents a campaign of “maximum economic pressure” that makes renewed large‑scale U.S. military attacks unlikely for now.
- Washington warned it will sanction countries, banks and companies that provide economic lifelines to Iran and pledged an unprecedented coordinated effort to halt oil sales, ship‑to‑ship transfers and covert finance.
- Iran’s leaders denounced the move as “economic terrorism,” the foreign minister predicted failure, and senior generals warned of “devastating” military responses if threatened.
- Oil markets and Gulf shipping reacted immediately as Brent rose toward $94 a barrel and vessel traffic through the Strait of Hormuz fell sharply from prewar averages, raising the risk of higher energy prices and supply disruption.
- The campaign’s success hinges on China, which buys the vast majority of Iranian crude and has signaled resistance, and the Treasury plans to release specific measures at a Monday briefing that will test U.S. leverage and the risk of broader economic or military escalation.