US economic offensive on Iran faces Strait of Hormuz counterthreat

The United States is launching a new economic offensive against Iran, which Treasury Secretary Scott Bessent calls an "economic D-day," aiming to fully isolate Tehran from the global economy and punish its trading partners. Washington plans to target countries and companies facilitating Iranian oil transport, financial transactions, or sanctions evasion, with China as a key focus. Iran's economy is already weakened by inflation, sanctions, and infrastructure damage from recent conflicts. Iran threatens to close the Strait of Hormuz, a vital oil route, in response. While Iran's control over the strait has diminished, it retains the ability to disrupt shipping, with Oman playing a key role in potential negotiations.