ISTANBUL – Six months after a conflict that rattled markets and pushed the Gulf to the brink of a wider war, the tide may be turning against Iran as Washington unleashes an unprecedented economic offensive to achieve what military force could not. After years of surviving sanctions, Tehran is now confronting one of the harshest squeezes in the Islamic Republic’s history, according to Iranian insiders and regional sources. A U.S. naval blockade and tougher sanctions are curbing oil exports, restricting access to foreign currency and exposing growing strains in the economy.
The campaign has led U.S. and regional officials to wager that mounting economic pressure can force Tehran to allow free passage through the Strait of Hormuz, which carries about a fifth of global oil and LNG supplies.
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