Brent crude oil.
In a post on Truth Social, President Trump said he offered the Islamic Republic an opportunity to reach an agreement. “Tragically, they couldn’t accept it,” he said.
“Therefore, today I am announcing the most devastating economic operation ever waged against any nation! This will amount to economic warfare and isolation on an unprecedented scale.”
He also threatened “significant economic repercussions” for any country that provides a lifeline to Iran. This includes cash transfers, currency swaps, ship registration, etc., the president said.
The rise in oil prices comes after the United Arab Emirates (UAE) announced on Wednesday that it would suspend all trade and financial transactions with Iran, after the Gulf state said on Tuesday that it was under attack from the Islamic Republic of Iran.
WTI.
The UAE, one of Iran’s main trading partners, announced that two ballistic missiles were fired from Iran towards its territory. Iranian Foreign Ministry spokesman Esmail Baghaei denied the airstrike.
The move puts further pressure on Iran, which already faces economic sanctions from the United States, making the possibility of another ceasefire agreement even more remote.
