The conflict between the US and Iran has entered its most critical phase after Washington announced a large-scale financial offensive, and Tehran responded with threats to completely stop the flow of oil through the strategic Strait of Hormuz. As of 5:30 a.m. Bulgarian time on August 24, 2026, the situation remains highly tense, causing serious tremors in the markets and a review of geopolitical strategies.
Iran: „Not a drop of oil“ and threats to shipping
Iranian authorities announced that they would not allow “not a single drop of oil” to pass through the Strait of Hormuz unless the US ends its economic war against the country. Senior Iranian officials warned that any vessels that violate Tehran's transit rules in the strait would be subject to heavy fines, detention or confiscation. Iran's official position, quoted by the media network Al Jazeera, is categorical: the strait will not be opened until the US lifts sanctions and pays reparations for the war damage caused.
Meanwhile, diplomatic maneuvers are being attempted in the region. Iran has been invited to a new defense pact, which also includes Oman - a close US ally - with the aim of jointly managing the exit from the strait and collecting fees from passing tankers. However, Iran's Supreme Leader, ModExternal Mojtaba Khamenei, continues to use the blockade as a main tool for pressure on the West.
Scott Besant announced “D-Day“ for the Iranian economy
The US response was immediate and unprecedented in its financial power. US Treasury Secretary Scott Besant published an extraordinary commentary in the authoritative publication Financial Times, in which he announced the beginning of the “economic D-Day“ against Tehran.
“At dawn begins the economic D-Day — the largest coordinated financial offensive ever organized against an adversary“, Besent wrote.
In an interview for CNBC Bessent explained that Washington is introducing the most severe sanctions in human history, aimed at the complete collapse of the Iranian regime and the interruption of every financial artery. President Donald Trump also issued a sharp warning on the platform Truth Social, stating that any country that provides “any lifeline“ to Iran will face devastating economic consequences from the US.
Slight drop in oil prices and night convoys
Despite the aggressive rhetoric and the real danger of a complete closure of the Strait of Hormuz, international markets reacted with a slight drop in crude oil prices in the early hours of the day. According to current data from the platform Trading Economics, oil futures are trading with a slight decline of about 1.09%, stabilizing at levels just above $86 per barrel for US light crude oil (WTI). This market anomaly is due to the fact that investors have already calculated the five-month price conflict and are betting on alternative supply routes through Oman, as well as a massive release of strategic reserves by the US and its allies.
The stabilization of supplies is also contributed by the US's high assessment of the effectiveness of the so-called “night convoys“ of tankers. The US Navy successfully escorts merchant ships under the cover of night, minimizing the ability of Iranian forces to make precision strikes or intercept the vessels. Additionally, the UAE's state-owned oil company (ADNOC) quickly diverted millions of barrels to Asian refineries, bypassing the most dangerous areas.
US Reassesses Its Presence in the Middle East
The scale of the conflict and the huge security costs have forced the Pentagon to begin a comprehensive reassessment of its military footprint in the region. As revealed by an investigation by Financial Times, the US is seriously considering reducing or relocating its forces in the Persian Gulf after the end of the active phase of the war with Iran.
The reason for this strategic turn is the serious depletion of American resources - over 200 US military facilities and bases in the Middle East have suffered damage from Iranian missile strikes and drone attacks in recent months, and the cost of restoring them has already exceeded $5 billion. In addition, the conflict has depleted US air defense reserves and forced the urgent transfer of key assets (including the last US aircraft carrier in Asia) to the Middle East, threatening Washington's defense capabilities in the Indo-Pacific against China.
The crisis in the Strait of Hormuz remains the largest disruption to global energy supplies in decades, and the coming hours will be crucial in determining whether US economic pressure forces Iran to back down or the region erupts in a new wave of violence.