Washington is ramping up economic pressure on Tehran, with the U.S. Navy’s blockade not allowing ships to enter or leave the Persian Gulf while its destroyers shepherd ships through the Strait of Hormuz shipping lane, which President Donald Trump has declared “U.S. territory.”
That vise will tighten further, the president vowed in an Aug. 19 Truth Social post, with a new raft of sanctions that will impose “TREMENDOUS Economic Consequences” on nations providing “any lifeline to Iran,” declaring an “ECONOMIC D-DAY” awaits Tehran.
The blockade appears to be working. The International Monetary Fund expects Iran’s already sanction-strapped economy to contract by more than 5 percent in 2026, with inflation skyrocketing to 80 percent since the United States and Israel launched their war against Tehran on Feb. 28. Its oil export revenues have shriveled, and production is restrained because, without the ability to ship, it is running out of storage capacity. …