The Trump administration is doubling down on its "maximum pressure" campaign as President Trump formally rejected Iran's latest proposal to reopen the Strait of Hormuz on Thursday. The president signaled that the naval blockade—which has paralyzed the regime's oil exports since mid-April—will remain "indefinite" until Tehran agrees to a total dismantling of its nuclear program. The U.S. Treasury Department confirmed today that the blockade has pushed Iran's economy to the brink of collapse, with the regime reportedly losing roughly $170 million per day in oil revenue.