The war between the United States and Iran has entered a new phase, with Washington moving to a financial and economic escalation aimed at suffocating the Iranian economy and tightening pressure on countries and companies that continue to deal with Tehran, coinciding with Pakistan intensifying its mediation efforts to prevent the conflict from widening and to reopen the Strait of Hormuz.

Pakistani Move to End the War

The Pakistani army chief, Asim Munir, concluded a visit to Tehran, accompanied by Interior Minister Mohsin Naqvi, where he met with Iranian President Masoud Pezeshkian, Foreign Minister Abbas Araghchi, and senior officials.

The discussions focused on halting the escalation, reopening the Strait of Hormuz, and ending the war through negotiations, as well as discussing regional stability. Naqvi announced significant progress in the talks, indicating discussions on reactivating the Islamabad memorandum that had previously been proposed to settle the conflict.

This visit by Munir is the third to Tehran as part of Pakistan's mediation efforts, following the stalling of a temporary agreement reached last June.

Washington Expands Economic Pressure

U.S. Treasury Secretary Scott Pisent announced a new sanctions campaign that included 60 individuals, entities, and a ship, warning of secondary measures that could target countries and parties that continue to trade with Iran, including the possibility of excluding them from the dollar-based financial system.

Despite the expansion of sanctions, the new list did not include Chinese financial institutions accused of facilitating Iranian oil trade, indicating the sensitivity of the U.S. position towards Beijing.

The Trump administration seeks to use economic pressure to force Tehran to end the war, while reintroducing the idea of creating conditions for changing the Iranian regime, after military pressures alone failed to achieve a quick surrender.

China.. The Key to Sanctions Success

China represents the biggest challenge to the U.S. strategy, having accounted for more than 80% of Iranian oil exports during 2025.

Beijing has confirmed that its cooperation with Tehran is in accordance with international law, warning against interference, and pledging to take necessary measures to protect its interests. In contrast, Pisent avoided directly naming China, emphasizing that Washington wants to give countries and companies time to distance themselves from Iran before implementing broader sanctions.

This caution reflects American concerns about the repercussions of targeting Chinese banks, especially amid sensitive economic and trade files between Washington and Beijing.

Tehran Threatens Escalation

For its part, Iran has confirmed its readiness to face sanctions, with Iranian officials threatening military retaliation against any attempt to target its infrastructure, including American interests and energy corridors.

Despite years of sanctions, Tehran has managed to maintain oil exports, but it currently faces greater pressures with the tightening of the maritime blockade and a decline in oil flows to China.

While the war has weakened Iran's military capabilities and caused significant damage to its economy, Tehran still possesses missiles and drones capable of threatening navigation in the Strait of Hormuz.

The UK Maritime Trade Operations reported today, Tuesday, that an oil tanker was hit by an unknown projectile in the Strait of Hormuz, and it was disabled about 9 nautical miles northeast of the Shisah area in the Sultanate of Oman.