Donald Trump on Thursday said he has no plans to bomb Iran before the November 3 midterm elections, despite reports that his own administration has been preparing for another round of military attacks.The president made the announcement on Truth Social, saying:“I want to make it clear to everybody that, while Iran is in very bad condition, both Economically and Militarily, and while the Blockade will remain in full force and effect, with Oil flowing in Record Numbers of Barrels through the Hormuz Strait (22 Million Barrels, last night alone, with not one barrel coming from, or going to, Iran!).”Trump takes military strikes off the table with elections approachingThe announcement comes just 26 days away from the mid-term elections, where the Republicans would have to face an electorate tired of the high expenses of life due to the war’s economic impact.As Cryptopolitan previously reported, there were rumors that Washington was seriously considering another military operation before Election Day. It was reported that American defense officials were running through scenarios where an attack would take place on Iran’s nuclear facilities as well as their economic facilities.The president had been telling his supporters for weeks that he needed to make one more important decision regarding Iran, implying that there might be more battles ahead.In his Tuesday visit to a new shipyard in Maryland, Trump hinted that America needed to do more against Tehran despite the fact that other members of the administration believed that the war was almost over.Trump now says American forces will not launch another attack before voters head to the polls. He also described Iran as badly damaged, both financially and militarily, while insisting that the country would never be allowed to build a nuclear weapon.Further conflicts would drive up global crude oil prices, which would ultimately affect U.S. consumers through gasoline costs and others.In any case, further inflation pressure just ahead of the mid-term elections would not be what Trump’s Republican supporters need.Trump keeps Iran under economic pressure as Treasury expands sanctionsWhile the White House might decide to halt any further airstrikes, the economic war it is waging against Tehran continues in the opposite direction.On Thursday, the OFAC, which is part of the US Treasury Department, issued new sanctions on 27 firms, six individuals, and 22 vessels involved in the Iranian oil trade.The sanctions apply to business entities that operate in India, Turkey, China, the United Arab Emirates, the UK, and the Marshall Islands.It also includes firms that have handled cargo shipments, vessel management, and the sale of oil products on international platforms.The ships themselves carry everything from crude and processed fuels to liquefied petroleum gas, chemicals, and bitumen, operating under different national registrations.Treasury specifically highlighted 17 vessels accused of helping Iran secretly move millions of barrels of oil and petrochemicals into markets across southern and eastern Asia despite existing American sanctions.Several Indian nationals and a Turkish citizen also face restrictions.The latest action is part of Operation Economic Outcast, an American effort to choke off funds that Washington says support Tehran’s war activities, missile development, cyber operations, and the Islamic Revolutionary Guard Corps (IRGC).According to a senior official from Treasury, this is allegedly the biggest action taken by the administration thus far against Iran’s last remaining network of hidden oil shipments.The department contends that this move will strip Iran of one of its few remaining sources of foreign income.In addition, the spokesman for the State Department, Thomas “Tommy” Pigott, said that Washington is using diplomatic and economic efforts to target Iranian business interests.The agency has singled out ten entities, six people, and five vessels that are responsible for transferring Iran’s petroleum and chemical products.Also, the Treasury Department, under the leadership of Secretary Scott Bessent, placed restrictions on seventeen companies and vessels of the hidden shipping system.The smartest crypto minds already read our newsletter. Want in? Join them.