Donald Trump has changed the battlefield in his confrontation with Iran. After almost six months of war, Washington is turning from bombs and missiles to financial strangulation. Treasury Secretary Scott Bessent has launched what he calls “Operation Economic Outcast,” warning countries, banks, and businesses that continue to sustain Iran’s economy that they, too, risk being cut off from the American financial system. This is far more than another round of sanctions. It represents an attempt to sever the Islamic Republic’s remaining economic lifelines and force Tehran into submission through financial isolation. Bessent has described it as an “economic D-Day.” Trump has said Iran is “completely collapsing.” The language is dramatic, but the underlying reality is even more dramatic. Iran’s economy was already tottering before this latest assault began.

The new measures target five critical sectors: digital assets, technology, gold, aviation, and shipping. Almost 60 entities, individuals, and vessels have already been sanctioned. Washington is also threatening secondary sanctions against countries and companies that continue to facilitate Iranian trade. The message is stark. Those who want access to the dollar-based financial system will have to choose between doing business with America and keeping the Iranian regime afloat.

For the mullahs, this comes at an exceptionally dangerous moment. Iran’s rial has plunged to record lows, approaching two million to the dollar on the black market. Inflation has made basic goods increasingly unaffordable. Oil exports have collapsed from roughly two million barrels a day before the war to around 400,000 barrels a day by mid-August, according to maritime tracking data cited in the latest reporting. The regime has........

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