Trump withdraws U.S. from JCPOA

President Trump announces withdrawal from the 2015 nuclear deal and begins reimposing sanctions. First tranche targets Iran's access to U.S. dollars, metals, and automotive sector.

Full oil sanctions reimposed

Second tranche of sanctions targets Iran's oil, shipping, and banking sectors. Eight countries receive temporary waivers to continue limited oil purchases.

Oil waivers terminated

U.S. ends all waivers, demanding all countries reduce Iranian oil imports to zero. Iran oil exports fall sharply.

Iran shoots down U.S. drone

Iran's Revolutionary Guard shoots down a U.S. Navy surveillance drone over the Strait of Hormuz. Trump orders — then calls off — a retaliatory strike.

Soleimani assassination

U.S. drone strike kills IRGC Quds Force commander Qasem Soleimani at Baghdad airport. Iran retaliates with ballistic missile strike on Iraqi bases housing U.S. troops.

Biden administration begins JCPOA re-engagement

Biden announces intent to re-enter nuclear talks. Indirect negotiations begin in Vienna. Some sanctions relief discussions begin but full deal is never reached.

Mahsa Amini protests erupt

Nationwide protests shake Iran after the death of Mahsa Amini in morality police custody. U.S. expands sanctions targeting Iranian security officials.

$6B unfrozen in Qatar deal

Biden administration releases $6B in frozen Iranian funds in Qatar in exchange for the release of five American detainees. Republican critics call it a ransom payment.

Trump II maximum pressure re-declared

On Inauguration Day, Trump signs executive order reinstating and expanding maximum pressure campaign on Iran, targeting oil, petrochemicals, and IRGC-linked entities.

Direct Iran nuclear talks announced

Trump administration announces first direct U.S.-Iran nuclear talks since 2015. Multiple rounds held in Muscat, Oman through spring 2026.

Iran peace deal deadline expires without accord

A U.S.-set deadline for a nuclear and regional peace agreement expires with no deal reached. Trump signals escalatory response is imminent.

UAE imposes financial embargo on Iran

Following a ballistic missile incident in the Persian Gulf, the UAE announces a sweeping financial embargo on Iran, cutting off a key informal financial conduit. U.S. officials call it a 'coalition pressure milestone.'

Trump warns of 'economic D-Day'

President Trump warns of an 'economic D-Day' against Iran, signaling a potential comprehensive financial blockade that could attempt to sever Iran from the global financial system.