Final answer:
President Carter froze Iranian assets, placed an embargo on Iranian oil, and approved a rescue mission to free the hostages taken by Iran, which ended disastrously.
Step-by-step explanation:
In response to the Iranian Hostage Crisis, President Jimmy Carter undertook several actions to secure the release of American hostages in Iran. His administration froze Iranian assets in the United States and enacted an embargo on Iranian oil shipments. When political pressure mounted, Carter also approved a rescue attempt, which unfortunately ended in tragedy when a helicopter and refueling plane collided, resulting in the death of eight servicemen. The hostages were ultimately held for 444 days, being released just after President Ronald Reagan's inauguration. Carter's handling of the crisis was a significant aspect of U.S. foreign policy and spurred various political and economic repercussions.