U.S. blockade, sanctions crippling Iran's economy, Treasury report says

The U.S. naval blockade, sweeping economic sanctions and obstruction of overland export routes have crippled Iran's economy and intensified pressure on the regime, according to a new Treasury Department report obtained by Axios.Why it matters: Treasury Secretary Scott Bessent, who is leading an economic pressure campaign dubbed "Operation Economic Outcast," is one of Trump's closest aides urging him to let the initiative play out rather than rush back into combat.Though the report doesn't argue that the Iranian regime is close to collapsing, it does lay out the Treasury Department's view that