“[This will be] the most crushing economic operation ever taken against any country!", Trump wrote on Truth Social, adding that the operation will be "economic warfare and isolation on an unprecedented scale."
In a shift from military threats to economic pressure, Trump warned of economic consequences for any country that supports Tehran or provides "any type of lifeline to Iran." He also called for an end to currency-swap agreements, cash transfers, exchange houses, ship registries, and several other activities.
Tensions in the Middle East, especially the UAE severing its trade ties with Iran, sent global oil prices to their highest level in 4 weeks. Brent crude futures settled at 91.62 USD a barrel, up 0.7%. US West Texas Intermediate crude futures rose 1.1% to 85.83 USD a barrel. Both benchmarks closed at their highest level since July 24.
