Trump Threatens Economic War as Iran Vows to Halt Oil Exports
US President Donald Trump has vowed to unleash an 'economic war' on Iran in response to its threat to halt all oil exports from the Gulf. The US is set to roll out economic sanctions targeting Iran's trade partners, which could lead to a significant decline in global oil prices.
Iran has vowed to shut down all oil exports if the economic pressure continues. The move comes as tensions between the two nations remain high, with thousands of people killed on both sides since the conflict began six months ago.
Oil prices have already fallen by 2.3% in response to the news, with Brent crude sitting at $92 a barrel. Asian stocks were also down on Monday, with South Korea's Kospi falling 1.4% after Samsung Electronics announced it would spend $80 billion to buy back its own shares.
US Treasury boss Scott Bessent said that more details about the economic sanctions would be revealed in a news conference today, and warned China to 'get on board' with the US plan.