Overview
- Treasury Secretary Scott Bessent framed an “economic D‑Day” in an August 24 Financial Times op‑ed and held a planned briefing to roll out what he called the single greatest financial offensive ever against Iran.
- U.S. officials signaled the campaign will widen secondary sanctions to target banks, shippers, oil buyers, currency exchangers, aviation services, crypto and gold networks that facilitate Iranian trade.
- Iranian markets reacted immediately as the rial/toman plunged to record lows on informal markets and official data showed soaring inflation and food prices that are sharply eroding household welfare.
- Tehran warned it would treat cooperation with the U.S. measures as hostile, listed foreign vessels for penalties and threatened to halt oil exports and restrict traffic through the Strait of Hormuz.
- Regional diplomacy continued with visits from Pakistan and planned Omani talks even as analysts say the campaign’s impact will depend on whether major buyers such as China and Gulf hubs accept U.S. pressure or seek ways to evade enforcement.