There are two possible rationales for the Iran blockade: to immiserate the people and cause them to rise against the regime; or to deny the regime the funds necessary to fight back. Can either or both of these objectives be achieved?
Probably not. As I’ve pointed out many times, most recently in connection with Cuba, misery alone does not result in revolution. As to the cost of the war, the Iranian regime is not obligated to pay for a large and expensive military establishment in order to fight in its preferred manner; all it has to do is build and operate cheap drones. The blockade, on the other hand, is very expensive to maintain, and the cost to the world economy is rising.
In short, the premise behind the economic war is flawed, just like the assumptions that fueled the bombing campaign. If it works, it will only be because the Iranian leverage will be diminished after the midterms and because we enjoyed such a tremendous advantage in resources that we could afford to squander most of them in the process.