The European Union has formally backed the US-led sanctions campaign against Iran. Meanwhile, South Korea is considering options for military assistance to help reopen the Strait of Hormuz to commercial shipping.

The moves come as Washington seeks stronger support from allies on both financial and military fronts. The latest developments also highlight growing international concerns over the conflict with Tehran and its impact on global trade.

US Treasury Secretary Scott Bessent welcomed the EU’s support for “Operation Economic Outcast”. The campaign aims to cut Iran’s access to the global financial system.

“We appreciate their strong and early stance,” Bessent said in a social media post. He added that the international community would continue pressure until Iran’s remaining financial channels were severed.

EU Supports Additional Pressure on Tehran

Brussels said on August 31 that it supported efforts to counter what it described as Tehran’s “destabilizing activities”.

The bloc also backed efforts to resume peace talks. Furthermore, the EU supported additional economic pressure through Operation Economic Outcast.

The endorsement came as G20 finance ministers and central bank governors met in Asheville, North Carolina.

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Bessent said the US and its allies wanted to prevent Iran from using the global financial system to support its nuclear programme, weapons development and regional proxies.

Iran rejected the EU’s position. Foreign Ministry spokesperson Esmail Baghaei accused Brussels of supporting what he called Washington’s “economic terrorism”.

The Trump administration launched Operation Economic Outcast in late August. The campaign targets Iran’s access to digital assets, advanced technology, gold reserves, commercial aviation and shipping.

Washington Expands Financial Pressure

Bessent has described the campaign as an economic offensive against Iran’s international financial links.

He has also warned countries and companies that support Tehran that they could face greater isolation.

China remains a major economic partner for Iran. Before the war, it bought a large majority of Iran’s sanctioned crude exports.

The European Union already maintains its own sanctions against Iran. Those measures target the country’s nuclear and ballistic missile programmes, as well as its military support for Russia.

Washington is now pushing G20 members to reduce financial ties with Tehran. Bessent has also indicated that the US could impose additional secondary sanctions.

The measures could focus on banks that facilitate Iran-related transactions. Such institutions could risk losing access to the US dollar-based financial system.

South Korea Considers Hormuz Assistance

Separately, South Korea is weighing possible military assistance to support efforts to reopen the Strait of Hormuz, Reuters reported.

However, Seoul denied reports that it had already made a final decision.

South Korea’s presidential office said details surrounding the issue had not yet been decided. Local media had reported that Seoul could deploy troops to the Gulf region before the end of the year.

Some reports also suggested that parliament could be asked to approve a deployment as early as September.

The discussions come after Washington expressed frustration with Seoul’s reluctance to provide military assistance in the conflict.

The US recently reduced an annual joint military exercise with South Korea. It also cancelled a planned joint Marine drill scheduled for September.

Strait of Hormuz Remains Critical

Military tensions have intensified across the region in recent days. The escalation has revived fears that the conflict could develop into a wider war.

US forces carried out another wave of strikes against Iranian military targets earlier this week. Washington said the attacks followed Iranian strikes against ships and American forces in the region.

Iran subsequently launched missile attacks against US military bases across the Middle East.

Meanwhile, commercial shipping through the Strait of Hormuz remains heavily disrupted. The waterway handled roughly one-fifth of global oil flows before the conflict.

Iran has carried out periodic attacks against vessels using the southern shipping route near Oman, according to the report.

The United States has also maintained a naval blockade in the strait. US Central Command said it had redirected 87 commercial vessels, disabled three and boarded two to enforce compliance.

Any prolonged disruption in the waterway could have major consequences for global energy markets and international trade.