Oil jumps 3% as Trump threatens sweeping new economic war on Iran
What's new: The UAE halted trade and financial dealings with Iran after reporting two missiles were launched toward its territory.
Brent crude and U.S. benchmark WTI rose about 3% after President Donald Trump threatened what he called the “most crushing economic operation ever taken against any country” against Iran as nuclear talks stalled. In a Truth Social post, Trump also warned of “tremendous” consequences for any country that helps keep Iran’s trade moving through cash transfers, currency swaps or shipping registries. The latest pressure came as the United Arab Emirates cut all trade and financial transactions with Iran, saying two ballistic missiles had been launched toward its territory from Iran on Tuesday. Iran foreign ministry spokesperson Esmail Baghaei denied the strikes.
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Earlier in this story
- 51 mins agoOil jumps 3% as Trump threatens sweeping new economic war on Iranreading now
- 2 hours agoTrump threatens total economic isolation of Iran and its backers
- 3 hours agoTrump threatens penalties on countries that keep trade flowing to Iran