The Trump administration is shifting from bombing Iran to choking off its economy, a move that keeps oil markets on edge and raises the pressure on Tehran to negotiate.

• Military strikes have not produced a nuclear deal, so the plan now is economic isolation instead.
• Treasury Secretary Scott Bessent is preparing a sweeping plan to cut off Iran's exports, revenue, and imports.
• The approach is modeled on a siege — starve the target of money, supplies, and reinforcements until it gives in.
• Oil prices spike with each round of strikes and then settle, so the on-again, off-again fighting keeps markets jumpy.
• Trump has swung between threatening total destruction and offering talks, adding to the uncertainty.

Outlook: Expect tighter sanctions and more oil price swings as Washington tests whether economic pain brings Iran to the table.