The U.S. has shifted to a campaign of economic warfare, after a dozen waves of airstrikes in July failed to force Tehran to abandon its claim to Hormuz.

Trump’s ‘economic D-Day’ tightens a naval and financial noose on Iran as oil exports collapse, the rial plunges and Tehran weighs war costs against a deal.

As Trump’s economic warfare takes its toll, Tehran will be tempted to go on the offensive in search of greater leverage