Oil prices set for second weekly decline as Trump sticks with Iran blockade

US President Donald Trump cautioned Iran on Thursday that it would face dire consequences if the country targeted American officials, stating those accountable would no longer exist. Speaking to Salem News Channel, Trump warned Tehran, "They will not exist any longer," emphasizing his willingness to employ military force if circumstances deteriorated.

The comments followed Treasury Secretary Scott Bessent relocating to a US military base following alleged threats from Iran. Trump also expressed concern over Iran's current leadership remaining in power by the time he leaves office, asserting, "That would be a defeat." He reiterated his stance on military action, asserting there would be no hesitation in using force to protect US allies and maritime interests.

Trump claimed the United States was advancing in operations against Iran, extracting more oil than prior to the conflict, and controlling the strategically vital Strait of Hormuz. He indicated potential escalation of response, depending on the situation, and suggested Iran's leadership was weakening, affirming his hardline approach towards the country.