The Trump administration is shifting its primary Iran offensive from the Pentagon to the Treasury Department, with Treasury Secretary Scott Bessent leading a sanctions campaign called “Operation Economic Fury.” Bessent described the initiative as the “financial equivalent” of a bombing campaign, with the goal of imposing the most extensive economic isolation of Iran in history. The effort threatens financial institutions in China, Hong Kong, the UAE and Oman with penalties for facilitating Iranian transactions. Such secondary sanctions (penalties on third parties doing business with a sanctioned country) can force foreign banks and companies to choose between Iran and access to the U.S. financial system. Recent measures targeted networks associated with Ali Shamkhani and dozens of entities linked to oil smuggling, while further sanctions against Iran and its partners were anticipated as early as August 24, 2026. The strategy echoes Obama-era sanctions that helped bring Iran to negotiations over the 2015 nuclear deal and builds on measures following the U.S. withdrawal from the Joint Comprehensive Plan of Action, formally renewed through National Security Presidential Memorandum 2 in February 2025. Bessent’s expanded role has coincided with reports of a senior-level exodus from the Treasury Department as of August 21, 2026. Iran is already facing persistent inflation and fuel shortages. Disrupting its oil exports, which reach global markets through intermediaries, shell companies and buyers particularly in Asia, could remove supply from an already tight market. The campaign’s market impact will depend heavily on enforcement, especially whether Washington penalizes Chinese and Emirati institutions. The approaching expiration of a ceasefire around August 2026 is adding urgency as the administration seeks to show that economic pressure can produce results before the deadline.