US Launches Economic Assault on Iran with 'Economic D-Day' Sanctions Campaign

The US is preparing an economic and financial offensive against Iran, dubbed 'Economic D-Day' by Scott Bessent. This campaign aims to cut off Tehran's remaining oil revenues and push Washington's pressure beyond Iranian borders onto foreign banks, refiners, and trade networks.

The sanctions strategy targets China, which buys about 90% of Iran's oil exports, making Chinese refiners and banks the biggest obstacle to cutting Tehran's oil revenues. Earlier enforcement has pushed traders out of parts of Iran's trade network, but a tougher campaign would need to make replacements harder and more expensive to find.

Bessent expects that 'Economic D-Day' will be a new sanctions strategy or a harder version of maximum pressure already in place. Iranian crude loadings have fallen over 80% from July levels through August 17, leaving less room for another conventional oil crackdown to do the heavy lifting.

The decisive signal will be whether Iran's remaining payment, shipping, and oil routes stop functioning, not how many entities Treasury sanctions. Washington wants to turn economic isolation into political concessions, including ending Iran's nuclear program and fully reopening the Strait of Hormuz.