New Delhi, Aug. 28 -- With peace talks stalled, and most traffic through the crucial Strait of Hormuz blocked, the US turned to pulling economic levers six months into a war on Iran. This comes at a time when Iran, where one dollar now costs 2 million Iranian rials, has already been grappling with huge inflation.

On Monday, US Treasury Secretary Scott Bessent announced 'Economic D-Day' sanctions aimed at crippling Iran's economy and pressuring the Islamic Republic into submission amid war with the US.

Declaring what is being called the "Operation Economic Outcast," Bessent said the "objective is to sever every economic lifeline that sustains this tyrannical regime". The US sanctioned nearly 60 Iran-linked individuals, entities and vesse...