Trump's Economic Pressure on Iran Intensifies as Ceasefire Agreement Expires and Talks St展
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The oil price rise comes after the UAE said Wednesday it was halting all trade and financial transactions with Iran after the Gulf state said it had come under fire from the Islamic Republic on Tuesday.
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Washington Times BusinessDUBAI, United Arab Emirates — The United Arab Emirates suspended all trade with Iran on Wednesday after the UAE said it had come under renewed fire from the country - a move that will further isolate the Islamic Republic, which is suffering under U.S. sanctions and a blockade.
MarketWatchOil prices rose on Thursday after President Donald Trump announced efforts to destabilize Iran’s economy.
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Trump stated in an overnight Truth Social post that, with Tehran's military and military-industrial base reduced to "now rubble" and its "currency worthless," he will unleash severe economic consequences against "ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran."
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CNBCEarlier Thursday, Trump warned that any country that offers Iran an economic "lifeline" will face what he described as tremendous economic consequences of its own.
BBC Business"ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," Trump said.
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U.S. President Donald Trump insisted Tuesday that the strait was “open and operating” and posted a map depicting it as a U.S. territory. Iranian Deputy Foreign Minister Kazem Gharibabadi called him a “deluded man.”
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Common DreamsJust days after threatening to declare the Strait of Hormuz a US territory, President Donald Trump on Tuesday posted a map on his Truth Social platform with that label over the crucial waterway—and was swiftly called out by a top Iranian diplomat.
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Since Trump and Israel began illegally bombing Iran on February 28, the Middle East country has restricted traffic through the strait, a key shipping route, particularly for fossil fuels. That has driven up fuel prices worldwide, including in the United States, where the cost for a gallon of gasoline just hit a record high for mid-August.
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By Monday, a 60-day ceasefire deal expired, and neither side has signaled any progress on talks to end the war—which Trump claims is aimed at stopping Iran from building nuclear weapons, even though his own intelligence agencies have said it wasn't trying to do so. Trump notably ditched the Obama administration's Iran nuclear deal during his first term.
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BBC BusinessIt comes after a 60-day ceasefire with Iran expired on Monday, with no sign of a diplomatic or military off-ramp to the conflict that the US and Israel began at the end of February.
Washington Times BusinessU.S.-Iran negotiations have dried up. This week ended the 60-day period that launched when the U.S. and Iran signed an interim agreement. It had been meant to open the way for more detailed talks. There’s no sign of it being extended. Trump now says there are no planned talks with Iran.
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Trump is under pressure. He vowed a quick war and a weakened Iran, along with a better deal on Tehran’s nuclear program. Instead, Iran has seized on the Strait of Hormuz as a new weapon in talks, asserting control of what had been seen as an international waterway before the war.
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Common DreamsTrump and his administration "were told by our own intelligence that Iran was nowhere near creating a nuclear weapon, then Israel said the same line it's repeated for decades, 'Iran is only weeks away.' So we bombed anyways, killed their leaders and innocent little children in a school, and Iran has controlled the Strait of Hormuz ever since and punished the region for their part in it," she wrote. "And now our government is the one actually discussing lowering the nuclear threshold in order to use nuclear weapons against Iran even though Trump claims he's won the war like 40 times and says the US controls the SOH."
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The announcement extends a pressure campaign the Trump administration has waged since April under the banner Operation Economic Fury, aimed at cutting off what it terms the regime's global terror financing and revenue streams.
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BBC BusinessTrump's latest move appears to extend the pressure campaign of Operation Economic Fury, launched in April to sanction foreign banks or firms that do business with Tehran.
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Mr. Trump added that diplomacy with Iran could happen “maybe at some point.” On Tuesday, he had insisted that the economic pressure campaign would continue and the White House had no plans to talk to the Iranians in the near future.
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Tehran is currently in the midst of negotiations with Oman, the sultanate bordering the Strait of Hormuz, to hammer out a framework for future control of the waterway. Reports indicate that the deal, which is still pending, will outline specific paths for commercial vessels to take through the strait, and that Iran will charge “service fees” for safe passage.
9 details only one outlet reported
Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 MarketWatch Futures Movers Oil prices jump after Trump declares economic war on Iran West Texas Intermediate and Brent crude’s front-month contracts both climbed after President Donald Trump said he was launching a “crushing economic operation” against Iran
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02 ZeroHedge European natural gas prices surged to levels last seen during the energy crisis triggered by Russia's invasion of Ukraine, when severe supply disruptions sent global markets into turmoil.
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03 Common Dreams 5 #000000 #FFFFFF The Iranian Parliament speaker said the strait will stay closed until the US blockade and oil embargo are lifted, and any party continuing its "aggression or threats" would face a "more severe defeat."
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04 CNBC The Trump administration's plan to crush Iran's economy will likely negate the need for further U.S. military operations against the Islamic republic, Treasury Secretary Scott Bessent told CNBC on Thursday.
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05 BBC Business He wrote in all capital letters on Truth Social he was launching "the most crushing economic operation ever taken against any country!" He gave no further details, and did not name any other nation.
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06 Bloomberg Egypt Holds Rates a Fourth Time With No End to Iran War in Sight Egypt held interest rates for a fourth meeting in a row, choosing caution after inflation quickened and prospects dimmed for an imminent end to the Iran war.
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07 Financial Times Trump announces new drive to isolate and crush Iranian economy UAE, long a crucial trading hub for Tehran, has also suspended commercial ties
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08 Washington Times Business Speaking to reporters at the White House, Mr. Trump repeated his insistence that Iran cannot obtain nuclear weapons and indicated that his administration’s standing policy of economic warfare has thus far been successful.
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09 RealClearMarkets When President Trump announces yet another potential peace agreement with Iran, crude oil prices fall, and Americans make the mistake of thinking that gas and diesel prices will follow. But crude oil isn’t the right barometer of your pain at the pump. By the end of July, crude oil prices had fallen about 25 percent from their April peak, while gasoline prices dropped only about 9 percent after peaking at around $4.50 a gallon in May. Read Full Article »
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