That could be done and would have some degree of effectiveness. But I seriously doubt that Trump can convince China and the rest of the world to stop buying Iran oil. And I don't think US consumers want to go back to $100 oil.
I seriously doubt that Trump could convince the rest of the world to suspend their investments in Iran.
Simply put the US government can and does deny access to the SWIFT payments system, deny access to the US banking system at home and overseas, and more importantly it can deny access to both systems to any bank that does business with Iran. Effectively that cuts off Iran's access to US dollars in large amounts.
There are ways around this, but it makes things a lot more difficult. If you want to use kinetic means, Iran is easily blockaded. Nothing goes in and nothing in large amounts comes out.