Trump Announces Additional Sanctions on Iran Amid Ongoing Strait of Hormuz Standoff

Oil prices have steadied in early Asian trade following US President Donald Trump's announcement of additional economic sanctions on Iran.

The standoff in the Strait of Hormuz continues, with commercial traffic through the waterway remaining at a fraction of pre-war levels despite repeated claims by US officials that it is open.

Trump has warned against any country engaging in business with Iran, calling his plans 'the most crushing economic operation ever taken against any country.'

The new sanctions come as the existing US sanctions on Iranian oil exports continue to have a significant impact on global crude supplies, with recent shipping data showing that commercial traffic through Hormuz is down by at least 20%.