US readies Iran penalties as Trump downplays midterms impact

The US is readying unprecedented economic measures against Iran, as President Donald Trump seeks to intensify efforts to force Tehran to capitulate after almost six months of war.

The president said in a brief interview with Fox News that the US was planning to hit Iran’s economy hard, and that he did not care if the conflict were to end before the November US midterm elections, which would hinge on voter perceptions of the economy. Trump has struggled to find an off-ramp to the war, which has spiked the price of oil and petrol.

Talks between the US and Iran aimed at bringing about a lasting peace have stalled and intermittent clashes have continued, disrupting the flow of oil and other key commodities through the crucial Strait of Hormuz. The two sides have accused each other of being untrustworthy negotiators, and Iran has taken steps to maintain control of the strait.

At a speech on Long Island on Friday, Trump boasted that the US blockade of Iranian ports was a “wall of steel” that allowed Washington to effectively govern the waterway. Iran says it is managing traffic in the strait.

“Pretty soon I’ll be declaring the Hormuz Strait a territory of the United States,” Trump said with a chuckle.

Treasury Secretary Scott Bessent said in a Newsmax interview on Thursday that there would be “more announcements coming next week” on new economic measures aimed at Iran that “have never been seen in the history of economic isolation on a country”, without specifying them.