Trump threatens 'tremendous economic consequences' on any country helping Iran

President Donald Trump has warned that any nation assisting or transacting business with Iran will face "TREMENDOUS Economic Consequences." Speaking in all caps on social media, he announced the unprecedented economic operation aimed at Iran, though he offered no further specifics or naming of other countries. The threat emerged after a 60-day ceasefire with Iran expired on Monday without a resolution to the conflict initiated by the US and Israel in February.

Trump's latest move appears to be an extension of Operation Economic Fury, launched in April to penalize foreign entities dealing with Tehran.

Trump declared it an "economic D-Day" against Iran because the Islamic Republic did not reach a deal with the US. He urged any country allowing its financial institutions, businesses, airports, or government entities to provide "any type of lifeline" to Iran to expect similar consequences. Details on the exact penalties were not provided.

The threat followed the UAE's decision to cut all financial and economic ties with Iran, prompted by Iran's missile threat targeting maritime traffic, which both landed in the sea. Iran's armed forces have warned neighboring Gulf countries against aiding US military efforts, considering any assistance as collusion.

The president's comments come after Treasury Secretary Scott Bessent pledged the US would impose economic isolation on Iran "like the world has never seen before." The White House and US Treasury department have been asked for their reaction. Earlier, Trump had reportedly threatened to bomb Oman, a US ally, if it interfered with his talks with Iran, during a phone discussion with a Fox News reporter.

The ongoing conflict has blocked the Strait of Hormuz, a crucial shipping route vital to global energy trade, exacerbating oil and LNG prices. The US and Oman have been separately negotiating to reopen the Strait, which typically allows passage for around 20% of global crude oil and LNG. As the US midterm elections approach in November, Trump is under pressure to address the economic costs of the war on consumers and military personnel.