Six months into a war that has already reshaped the Gulf, Washington appears to be reaching for the one tool it knows best: sanctions. The country has unveiled what it calls an “economic D-Day” against Iran, a fresh round of secondary sanctions meant to squeeze any nation still doing business with Tehran. And it risks squandering the one pact that actually offered a path out of this conflict: the memorandum of understanding President Trump himself signed in June.

That MOU set a 60-day........

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