“No one gave the Islamic Republic of Iran a better chance to
make a deal than I did. Unfortunately for them, they didn’t take advantage of
it,” CNBC
quoted Trump as saying.
In a Truth Social post, Trump said “this will be economic
war and isolation on a scale never seen before.” He said Iran’s navy, air force
and military production facilities “were destroyed” and its national currency
was “effectively devalued.” Trump claimed the Iranian regime was “hanging by a
thread.”
He also warned that any country whose financial institutions,
companies, airports or government entities provide Iran with a “lifeline” would
face its own “extremely serious economic consequences.”
Trump said he wanted to stop oil smuggling, cash transfers,
currency exchange offices, ship registrations and shell companies. He stressed
that Iran would never be allowed to obtain a nuclear weapon.
The statement continued a pressure campaign the Trump
administration has pursued since April under the name “Economic Fury,” CNBC
reported. The administration has said the campaign aims “to cut off global
channels of terrorist financing and sources of revenue for the Iranian regime.”
U.S. war against Iran — key developments
The Strait of Hormuz, one of the world’s most important oil
shipping routes, was blocked after the war between the United States and Iran
began in late February. The closure sent global oil prices sharply higher.
Traffic through the strait resumed on June 18 after
Washington and Tehran agreed to a 60-day cessation of hostilities. The United
States lifted its naval blockade of Iranian ports, allowing the first tankers
to pass through the strategic route.
Fighting resumed in early July, and Iran announced that it
was closing the Strait of Hormuz again. The two sides then resumed strikes
against each other.
On Aug. 13, U.S. Defense Secretary Pete Hegseth said the
military had enough resources to maintain the naval blockade of Iran
indefinitely and that ships could rotate in and out of the region as needed.
On Aug. 14, Trump said he intended to declare the Strait of
Hormuz U.S. territory after the war with Iran ended. He added that the United
States had already imposed a blockade of the strait and would not allow ships
to pass without U.S. permission.
Iran regularly attacks ships that try to pass through the
strait without its permission. In response, the United States strikes Iranian
military infrastructure.
In early August, Mohammad Bagher Zolghadr, head of Iran’s
Supreme National Security Council, said Tehran was prepared to reopen the
Strait of Hormuz only after several demands were met. They included the
withdrawal of U.S. troops, an end to hostilities, the lifting of the naval
blockade, compensation for war damage and the unfreezing of Iranian assets held
abroad.