The United States is increasing economic pressure on Iran, including a naval blockade aimed at reducing its oil revenue, while analysts warn the strategy could push Tehran toward tougher military responses. US Treasury Secretary Scott Bessent announced new economic measures on Monday, though he did not provide details on how they would be enforced. Iranian officials have described the pressure as a new phase of war and warned of expanding the confrontation.

Iran says its oil exports have fallen close to zero because of the blockade, while the rial has declined 41 percent since December, according to the economic newspaper Donya-e-Eqtesad. Inflation and unemployment have increased, and some medicines have reportedly risen in price by as much as 500 percent. Fuel shortages have also worsened after damage to infrastructure and disruptions to fuel imports, with videos showing empty petrol stations and long vehicle queues.

The effectiveness of the US campaign will depend heavily on whether it can win cooperation from Iran's major trading partners, including Turkey, Iraq, Russia and China. Bessent said gold, digital assets, technology, aviation and shipping were among targeted sectors. Analysts said ordinary Iranians may bear the greatest cost, while politically connected groups could benefit from a sanctions-evasion shadow economy.