China slams Trump over economic war on Iran: What to know
China’s once significant oil imports from Iran have been impacted by the war in the region and increasing US sanctions.
Oil prices surged past a three-week high on Thursday as U.S. President Donald Trump threatened severe economic repercussions against nations aiding Iran. Brent crude futures climbed $2.20, or 2.4%, to $93.82 per barrel, while U.S. West Texas Intermediate crude futures for September increased $2.33 to $88.16 per barrel. Both key benchmarks reached their highest levels since July 24 and continued their upward trend for a fifth consecutive day. The September WTI contract is set to expire later on Thursday.
However, Trump's aggressive stance did not come without a response. The U.S. Treasury Secretary, Scott Bessent, announced a press conference on Monday to discuss the specific actions the administration plans to take. The conflict, which began nearly six months ago with U.S. and Israeli military strikes on Iran, has claimed the lives of thousands of people. Tehran's blockade of the strategically vital Strait of Hormuz has further exacerbated the situation, stranding millions of barrels of Middle Eastern oil.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Iran's main trade partners at risk from Trump's 'economic warfare' koreatimes.co.kr
- Iran calls Trump's ‘Economic D-Day’ a 'distraction from America’s own crisis' ynetnews.com
- Trump says Iran's economy is collapsing. A former central bank adviser in Tehran pushes back cnbc.com
- Iran condemns Trump's new sanctions, calls them ‘economic terrorism,’ ‘crimes against humanity’ livemint.com
- Trump warns of economic consequences for any country supporting Iran sabcnews.com
- Oil settles up more than 2% after Trump threatens countries supporting Iran businesstimes.com.sg
- Oil rises for fifth straight day as Trump promises to crush Iran's economy seekingalpha.com
