As with its approach to Hormuz, the US has mistaken applying pressure for an actual strategy. But Tehran has chips of its own to play

Donald Trump has found a new way to promise victory over Iran. After months of war have failed to force Iran’s capitulation or collapse, his administration has unveiled what the US Treasury secretary, Scott Bessent, calls Operation Economic Outcast: an effort to cut it off from what remains of the global economy and threaten foreign governments, banks and companies with sanctions if they continue doing business with Tehran.

There is no question that Iran is vulnerable. Its economy has been battered by years of sanctions, war and a months-long US naval blockade. Iranian officials acknowledge that oil exports and access to foreign currency have been severely constrained. Ordinary Iranians are already enduring high inflation, currency depreciation and worsening living standards. Further economic strangulation will inflict significant additional hardship.

Sina Toossi is a senior non-resident fellow at the Center for International Policy, where his work focuses on US-Iran relations, US policy toward the Middle East and nuclear issues