Donald Trump vows to hit Iran hard economically amid escalating conflict

President Donald Trump is doubling down on his promise to punish Iran through its wallet. Treasury Secretary Scott Bessent announced a sweeping new package of economic isolation measures against Iran on August 13, 2026, describing them as the “financial equivalent” of military operations. The measures fall under what the administration has branded “Operation Economic Fury,” combining intensified sanctions with a naval blockade of the Strait of Hormuz. The goal is straightforward: cripple Iran’s oil sector and the infrastructure that supports it. What the new sanctions look like Bessent made clear that these aren’t your standard-issue sanctions. The Treasury Department is rolling out secondary sanctions that will target any foreign entities, including banks and individuals, that engage with Iran’s oil sector. That means countries still buying Iranian crude aren’t just risking diplomatic awkwardness. They’re risking access to the US financial system. The US Navy is currently maintaining a blockade in the Strait of Hormuz, the narrow waterway through which roughly a fifth of the world’s oil passes daily. Trump himself has been publicly threatening to “hit Iran hard” economically and m...