US threatens 'toughest sanctions in history' on Iran; oil prices surge as Trump warns of 'economic warfare'
US-Iran war update: In a social media message on Wednesday, Donald Trump promised "Economic Warfare and Isolation on an unprecedented scale."
The United States has vowed to impose the toughest sanctions in history on Iran, with Secretary of the Treasury Scott Bessent stating that the regime will be "collapsed" as energy prices continue to spike. This economic D-Day comes as the US struggles to assert control over the Strait of Hormuz, where a ceasefire has collapsed. Oil prices have risen, with Brent Oil reaching $93.41 per barrel, posing challenges for the administration trying to control borrowing costs.
Iran's main source of revenue is oil sales, and the US has already imposed sanctions in the past. Bessent has indicated that the US may impose secondary sanctions on China, which relies heavily on Iranian oil. The UAE, a key financial hub for Iran, has halted all trade and financial transactions with the country.
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- US vows to 'collapse' Iran with new sanctions as energy prices spike middleeasteye.net
