The Trump administration unveiled 'Operation Economic Fury' on April 15, 2026, shifting focus from military strikes to intensified economic sanctions against Iran.

Treasury Secretary Scott Bessent described the initiative during a White House briefing as the "financial equivalent" of recent bombing campaigns, aimed at choking Tehran's revenue streams amid a U.S. naval blockade of the Strait of Hormuz. The move comes after Operation Epic Fury, a military operation that damaged Iran's infrastructure and led to a fragile ceasefire set to expire next week.

Bessent warned foreign financial institutions that the U.S. would deploy secondary sanctions against those handling Iranian illicit funds, sending letters to banks in the United Arab Emirates, Oman, Hong Kong, and China. "We have told companies, we have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions," Bessent stated.

The Treasury Department's Office of Foreign Assets Control designated more than two dozen individuals, companies, and vessels linked to Mohammad Hossein Shamkhani, son of the late Iranian official Ali Shamkhani, for operating a multibillion-dollar oil smuggling network involving Iranian and Russian petroleum. Additional sanctions hit a Hezbollah money-laundering scheme that traded Iranian oil for Venezuelan gold to fund the IRGC-Qods Force.

The administration also declined to renew a 30-day sanctions waiver on roughly 140 million barrels of Iranian oil stranded at sea, set to expire April 19, signaling an end to temporary relief granted amid wartime fuel price spikes. Defense Secretary Pete Hegseth tied the effort to the Hormuz blockade, telling reporters Iran must "choose wisely" between prosperity and further isolation.

This escalation builds on President Trump's "maximum pressure" strategy to curb Iran's nuclear program and proxy support in the Middle East. Vice President JD Vance emphasized pursuing a "grand bargain" where Iran abandons nuclear weapons ambitions for economic relief. Officials argue the combined military and economic measures have pushed Tehran toward negotiations, with at least 13 ships retreating from Iranian ports since the blockade began.

Lawmakers offered mixed reactions. Some Republicans praised the pressure, while Democrats like Sen. Elizabeth Warren criticized it as ineffective given Iran's wartime economic gains. Analysts noted potential blowback from allies but acknowledged Iran's growing need for a deal.