Trump Unleashes Economic Warfare on Iran
Oil prices rose for a fifth consecutive day following US President Donald Trump's announcement of a package aimed at crippling Iran's economy. The measures, described as 'Economic Warfare and Isolation on an unprecedented scale,' would target any country allowing financial institutions or businesses to aid Iran.
The global benchmark Brent crude oil price approached $92 per barrel, adding over 5% in the previous four sessions, while West Texas Intermediate for October neared $84. Trump stated that any country assisting Iran would face severe economic consequences.
Daniel Fried, former US ambassador to Poland, noted that Iranians have little incentive to allow the Strait of Hormuz to open due to the ongoing tensions with Washington. The US administration has shifted its strategy from military options against Iran to a focus on economic pressure, aiming to drive Tehran into fresh talks and end the war.