U.S. President Trump Announces Economic Pressure on Iran, Diplomacy Stalled Over Strait of
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His comments come after U.S. President Donald Trump said the U.S. will launch what he called the "most crushing economic operation ever taken against any country" against Iran. Trump also threatened severe financial penalties on any nation that helps Tehran evade sanctions, and added that "this will be Economic Warfare and Isolation on an unprecedented scale."
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ZeroHedgeTrump 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."
BBC BusinessPublished President Donald Trump has announced the US will inflict "TREMENDOUS Economic Consequences" on any country that helps or does business with Iran.
Washington Times BusinessTreasury Secretary Scott Bessent announced Thursday that the U.S. would impose some of the “toughest sanctions in history” on Iran next week, doubling down on the Trump administration’s economic warfare strategy as diplomacy stalls.
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The U.S. is currently imposing a comprehensive naval blockade of Iran in retaliation for Tehran’s closing of the Strait of Hormuz, a narrow waterway connecting the Persian Gulf and the Gulf of Oman.
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ZeroHedgeThe blockade, which the U.S. had lifted for about three weeks while negotiations were being held in June and early July, is now back and effectively blockading Iran’s oil exports.
CNBCA hardening of Washington's position has left the future of shipping through the Strait of Hormuz deeply uncertain, with vessel traffic remaining at a crawl amid fatal attacks.
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Brent crude, the international benchmark for oil, stood at approximately $94 a barrel on Thursday, which is about where the price stood at the same time last month when fighting resumed between the U.S. and Iran.
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CNBCBrent crude is nonetheless on course for a monthly gain of nearly 6%, following last week's 5.95% rise. The international benchmark closed at over $93 a barrel on Thursday for the first time since July 24.
ZeroHedgeBrent Crude prices topped $91 per barrel this week amid heightened security concerns for shipping in the Middle East and fading hopes that the U.S. and Iran could return to negotiations.
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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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However, diplomatic momentum collapsed as Iran demanded that the U.S. break off its naval blockade and ease sanctions before the strait could be reopened.
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Iranian officials are currently holding negotiations with Oman to hammer out a framework agreement for future control over the Strait of Hormuz. The pending plan, which was rumored to be in the final stages weeks ago, may outline specific routes for commercial ships to take to safely transit the passage.
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Earlier this month, Iranian and U.S. officials indicated that the two sides were circling a deal that would reopen the Strait of Hormuz, establish a ceasefire and open the door to further technical talks.
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The strait itself has become the center of nearly every conversation surrounding the war. For Iran, the waterway is key to its influence in the region after the war, with key ministers and security officials insisting that Tehran maintain significant control over the waterway.
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01 ZeroHedge China has firmly rejected Washington's call to join in implementing US sanctions to "squash" Iran's economy, pushing back against Trump administration pressure to be part of the "toughest sanctions in history" which has marked a new phase of conflict focused on extended economic warfare, as a military solution is seen as increasingly unrealistic and unlikely.
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02 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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03 CNBC Oil prices eased Friday but remained on track for a second consecutive week of gains, as hopes of a swift reopening of the Strait of Hormuz continued to fade.
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04 Bloomberg Sfakianakis: Iran Misjudges US Willingness for Long War The Trump administration is preparing to unveil its campaign to economically isolate Iran including plans to extend the strategy to countries that continue trading with Tehran such as China. John Sfakianakis, Chief Economist and Head of Research at the Gulf Research Center spoke to Bloomberg’s Abeer Abu Omar on Horizons Middle East and Africa on the GCC ties to Iran. (Source: Bloomberg)
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05 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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06 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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07 Washington Times Business The waterway’s closure has driven up oil and gas prices for months as commercial shipping companies remain wary of allowing their vessels to transit the strait.
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Sources (7)
- bbc-biz
- ft
- cnbc
- marketwatch
- bloomberg
- zerohedge
- washtimes-biz