The Trump administration is moving its Iran playbook from the Pentagon’s desk to the Treasury Department’s, betting that sanctions can accomplish what military strikes have not. Treasury Secretary Scott Bessent is now leading what amounts to America’s primary offensive against Tehran, a shift that carries major implications for global oil markets, international banking, and the broader geopolitical landscape.
Bessent has branded the initiative “Operation Economic Fury,” which he described as the “financial equivalent” of a bombing campaign. The goal is nothing short of the most extensive economic isolation of Iran in history.
From bombs to bank accounts
The targets are not just Iranian entities. Washington is threatening financial institutions in China, Hong Kong, the UAE, and Oman with penalties for facilitating Iranian transactions. Secondary sanctions essentially force foreign banks and companies to choose between doing business with Iran and doing business with the United States.
Recent rounds of sanctions have already hit networks associated with Ali Shamkhani, a prominent Iranian political figure, along with dozens of entities involved in oil smuggling operations. Additional economic measures against Iran and its partners were anticipated as early as August 24, 2026, following direct warnings to financial institutions across multiple jurisdictions.
