US Eyes New Economic Sanctions on Iran Amid 'Economic Fury' Campaign

The US is preparing to intensify economic pressure on Iran under Treasury Secretary Scott Bessent's 'Economic Fury' campaign. This move comes after the US initiated a war against Iran in late February 2026.

Washington could target Chinese financial institutions supporting Iranian petroleum purchases, but doing so risks further tensions with Beijing and higher global oil prices.

The Trump administration has not detailed its exact plans, but targeting remaining options risks blowback on the US economy. Bloomberg Economics analyst Chris Kennedy told Bloomberg that 'unless the president decides to prioritize addressing the Iran threat over all other issues, it's unlikely any action they take is going to materially change Iran's calculus.'

Restricting Iranian oil could exacerbate friction with China, which purchases upwards of 90% of Iranian petroleum exports. Sanctioning large Chinese banks financing this trade could lead to a deterioration in US-China relations, particularly ahead of an anticipated summit between President Donald Trump and Chinese leader Xi Jinping.