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.
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Series
Donald Trump · Iran Economic Pressure Campaign
Trump threatens total economic isolation of Iran and its backers
New: Trump also targets financial institutions, airports, businesses and ship registries that help Iran's transactions.
Trump threatens penalties on countries that keep trade flowing to Iran
Why it matters: The warning comes as shipping through the Strait of Hormuz remains far below prewar levels and Gulf states face pressure to cut ties.
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