US expands Iran sanctions in 'economic onslaught' as war nears six months

The Trump administration announced an expansion of secondary sanctions targeting entities and countries with business ties to Iran, intensifying economic pressure as the conflict nears its sixth month. Treasury Secretary Scott Bessent described the move as an "economic D-Day" and an "economic onslaught" to sever Iran's financial connections globally. The Treasury Department issued determinations against five sectors—digital assets, technology, gold, aviation, and shipping—and imposed sanctions on nearly 60 entities, individuals, and vessels. Washington aims to cut off Iran's "illicit revenue" sources, including oil smuggling networks, while working with partners to target facilitators. China remains the largest buyer of Iranian oil, though larger Chinese banks have not been designated. The war has stalled diplomatic efforts and kept energy prices elevated due to blocked shipping through the Strait of Hormuz. Trump's approval rating has fallen to 33% in a Reuters/Ipsos poll, though he argues economic costs are necessary to prevent Iran from obtaining a nuclear weapon. Iran has historically evaded sanctions through front companies and new vessel registrations.