As the conflict that rattled global markets and pushed the Gulf region to the brink of a wider war leaves behind the six-month mark, the tide may be slowly turning against Iran as Washington unleashes an unprecedented economic offensive to achieve what military force could not.
After years of surviving sanctions, Tehran is now confronting one of the harshest squeezes in the Islamic Republic's history, according to Iranian insiders and regional sources.
A U.S. naval blockade and tougher sanctions are curbing oil exports, restricting access to foreign currency and exposing growing strains in the economy.
The campaign has led U.S. and regional officials to wager that mounting economic pressure can force Tehran to allow free passage through the Strait of Hormuz, which used to carry about a fifth of global oil and liquefied natural gas (LNG) supplies prior to the conflict.
Their bet rests on a simple calculation: Iran is suffering more economic damage than it is inflicting.
