Oil falls as Trump pledges economic war on Iran

Oil prices have fallen following the US announcement of plans for "most crushing" economic sanctions against Iran. The US Treasury Secretary described the measures as the "single greatest financial offensive marshalled against an adversary", an "economic D-Day".

The sanctions were announced after the US claimed to have dismantled Iran's military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program.

Iran's deputy foreign minister, Kazem Gharibabadi, responded to the US claims, questioning the narrative that Iran's military power had been dismantled. He said this contradicted the need for a large-scale financial invasion. Iran's foreign ministry also warned countries against joining the US economic campaign, saying it would have consequences.

Brief written by urgent.news from Punch Nigeria, Malay Mail — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.