The United States has announced a series of new economic sanctions against Iran and issued warnings to countries that continue to trade with Tehran, aiming to cripple Iran’s economy as the conflict remains unresolved.

At least 60 entities across the Middle East, Asia, and Europe have been targeted in the latest sanctions, part of an ongoing campaign that could further disrupt global energy markets and economic stability. The US-Israel war, which began on February 28, has already caused a spike in oil prices and supply chain disruptions due to the blockade of the Strait of Hormuz, a crucial passage for a fifth of the world's oil and gas.

US Treasury Secretary Scott Bessent stated on August 24 that the US intends to target all of Iran’s revenue sources, including its oil sector, to prevent other countries and companies from conducting business with Tehran. These remarks followed US President Donald Trump’s August 19 post on Truth Social, where he described the operation against Iran as the “most crushing economic operation” to date.

This intensified economic pressure campaign, known as “Operation Economic Fury,” has been ongoing since the war’s onset in February. In a related development, Trump announced in July 2026 that he would lift sanctions on Turkiye and was considering resuming sales of F-35 fighter jets, a year after the US barred Turkiye from procuring them.

According to official customs figures, Iran exported approximately $56 billion worth of goods to at least 112 countries and territories in 2024.

Sources