Following an escalation of the conflict in the Middle East on Tuesday, after Iran launched missiles at bases where American military personnel were stationed, President Trump and his administration could respond by exercising their economic options.

A powerful move may include increasing sanctions on the rogue regime.

During an interview with FOX Business’ Trish Regan, Retired Lt. Gen. William Boykin, a former Delta Force member, said a ramp-up of sanctions is likely to be the first step.

“I think the first thing you’re going to see, is you’re going to see an increase in the sanctions. I think the president has made very clear that he’s ready to go to the next level of sanctions,” Gen. Boykin said. “I think these sanctions are killing them, I think they’re crippling them.”

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According to the Tehran Times, as of August, inflation in the country had risen 41.6 percent year over year. The International Monetary Fund said in October that it expected Iran’s economy would shrink by 9.5 percent in 2019 – amid tighter U.S. sanctions. Unemployment, especially among youths, is also sky-high at 10.6 percent, as tracked by Trading Economics.

Former Deputy National Security Advisor KT McFarland, who has been in the Situation Room with Trump, told FOX Business’ Trish Regan Trump is a “reluctant warrior” who always crafts a well-thought-through response. McFarland had been a longtime Fox contributor.

The Heritage Foundation’s Peter Brookes told FOX Business’ Kennedy on Tuesday that the U.S. could also go after Iran’s oil infrastructure to wreak more havoc on its economy. "We could shut down their oil industry" he noted via cyber tactics.

Over the weekend, Trump threatened Iraq with sanctions if the U.S. were forced to withdraw troops from the nation.

Trump, however, also threatened to hit Iranian cultural sites again over the weekend if tensions escalated.

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Trump pulled out of the Iran nuclear deal in May 2018. Sanctions in place have focused on strangling the country’s oil industry – largely considered the lifeblood of its economy. The sanctions have scared off a lot of international business as well.

Sanctions have cut funding to Hezbollah and Hamas, Republican Florida Sen. Rick Scott added.

“The way to go after these thugs is you have to go after their pocketbook,” Scott told Regan.

So far, however, it has not brought the country’s leadership to the negotiating table.

The Pentagon confirmed on Tuesday that Iran launched more than 12 ballistic missiles at bases in Iraq where American troops are based.

It is believed, based on early reports, that there were no casualties.

The missile attacks were said to be retaliation after a U.S. airstrike killed a top Iranian military official last week.

Iran’s Supreme Leader warned on Friday that a “harsh retaliation” was in store following the airstrike, which killed Qassem Soleimani, the commander of the Iranian Quds Force, a wing of the Iranian Revolutionary Guard. Soleimani was first designated as a terrorist by the U.S. in 2005.

On Tuesday, Trump reiterated the threat Soleimani posed to America.

The Department of Defense said the action was taken at the direction of the president and in order to protect U.S. personnel abroad by deterring future attack plans. According to the government, Soleimani was developing plans to attack American diplomats and service members in the region. He was previously behind other attacks on bases in Iraq throughout recent months.

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