Six Months Into Iran War, Trump's Options Narrow.

Treasury Secretary Scott Bessent unveiled 'Operation Economic Outcast' Monday, threatening to cut off any country that continues doing business with Iran. One Trump adviser told reporters: 'We're just trying to hang on until the midterms.'

• 90% of Iran's crude went to China before the war started.
• Iran's currency hit an all-time low of 2.05 million rials per dollar Tuesday.
• Food prices in Iran were 128% higher in July than a year earlier.
• Democrats are favored to capture the House; the Senate is rated a toss-up.

Why it matters: The war is now roughly six months old. It has overtaxed the U.S. military, strained regional alliances, and left Iran holding more regional influence than before the conflict began.

• The Strait of Hormuz remains contested; Iran continues to menace ships and has insisted on charging transit fees.
• Trump privately told political allies he would declare victory once the strait reopens, per a senior administration official and an outside adviser.

How 18 sources split on this story

Where they split: The core dispute is whether the sanctions campaign is a serious strategy to end the war or primarily a political maneuver to suppress the issue before November.

What’s next: Targeting Chinese banks under the new sanctions would risk upending a U.S.-China trade truce extended when Trump and Xi met in May.

• Iran's Economy Minister Ali Madanizadeh referenced a two-year self-sufficiency plan on state television.
• Trump and Xi are expected to meet next month, complicating any move against Chinese oil buyers.
• Will the administration sanction Chinese entities that buy Iranian oil, and if so, how will Beijing respond?
• Can Iran sustain economic hardship long enough to outlast U.S. political pressure ahead of the midterms?
• If the strait remains contested after November, what options does the administration have left?