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US signals new economic measures targeting Iran as Hormuz stays volatile
The administration said oil and petrol prices have risen amid the war, and officials suggested further announcements on additional measures are coming next week.
The US is preparing unprecedented economic measures against Iran as President Donald Trump seeks to intensify pressure on Tehran to end the conflict, according to SCMP Economy, citing comments from Trump in an interview with Fox News.
Trump said he does not care whether the fighting ends before the November US midterm elections, adding that voter perceptions of the economy would be key, while noting he has struggled to find an off-ramp to the war.
The reporting links the pressure campaign to market disruptions, saying almost six months of war have spiked prices for oil and petrol and that intermittent clashes have disrupted the flow of oil and other commodities through the Strait of Hormuz.
At a speech on Long Island, Trump described the US blockade of Iranian ports as a “wall of steel” and floated the idea of declaring the Hormuz Strait a US territory, while Iran said it is managing traffic in the strait. Treasury Secretary Scott Bessent told Newsmax that more announcements on new economic measures aimed at Iran would come next week, without detailing what they would be.