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Trump announces sweeping economic action aimed at Iran
The move includes warnings to countries that provide financial lifelines to Iran, while the UAE said it would suspend trade with Tehran after missile attacks.
US President Donald Trump announced what he called the most severe economic action ever taken against Iran, warning that an escalation would come with “economic conflict and isolation on an unprecedented scale,” according to CBS News as cited by FXStreet.
Trump said any country that allows its financial institutions, businesses, airports, or government entities to provide financial lifelines to Iran would face “tremendous economic consequences,” and he urged an end to oil smuggling and other channels such as swap lines, cash transfers, exchange houses, ship registries, and front companies.
The announcement also came as the United Arab Emirates said it is suspending all trade with Tehran after two ballistic missiles targeted the UAE, though Iran denied firing the missiles.
In FXStreet’s market snapshot, West Texas Intermediate crude was up 0.02% on the day at $85.28. The brief noted WTI is a benchmark crude traded internationally and that geopolitical disruption and sanctions can affect prices by influencing supply and demand.
Latest closeWTI crude $82.40 ▲1.4%