Despite rosy assessments by President Donald Trump and the U.S. military, the American war with Iran, now in its seventh month, has not been a quick excursion. Iran has shown surprising resistance, aided partially by geography, a growing conflict in Yemen, and economic lifelines that the U.S. has strained to control.

Responding to these challenges, the U.S. Department of the Treasury launched a maximum-pressure economic campaign on August 24. Dubbed “Operation Economic Outcast” and billed by Treasury Secretary Scott Bessent as an “Economic D-Day,” the campaign aims to fully isolate Iran’s finances by targeting illicit revenue and forcing third parties, such as foreign governments, international financial institutions, and…