From nukes to Hormuz: Trump's Iran war objectives shift.

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 67 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?