The United States has shifted from direct military attacks on Iran toward intensified economic pressure, announcing “Operation Economic Outcast” on Monday. US Treasury Secretary Scott Bessent said the campaign aims to cut off Iran’s remaining revenue sources and warned that individuals, companies and banks continuing business with Tehran could face sanctions. The move comes nearly six months after war began between Iran, the United States and Israel.

Gulf states fear that tighter sanctions could trigger Iranian retaliation against US military facilities and vital regional energy infrastructure. Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, warned that if any Gulf country joined the US “economic war,” no oil would be allowed through the Persian Gulf and Strait of Hormuz. Iran has effectively halted shipping through the strait since the war began, according to the report.

The UAE has announced an end to trade with Iran, while Saudi Arabia, Qatar and Oman are seen as more likely to preserve contact with Tehran. Qatar faces pressure from disrupted shipping and attacks on LNG facilities, while Oman continues mediation and discussions with Iran over Hormuz. The US campaign targets digital assets, technology, gold, aviation and shipping, and has sanctioned 60 entities, vessels and individuals across several locations.