Trump Unleashes Economic Warfare on Iran Amid Strait of Hormuz Standoff

Oil prices remained stable on Thursday after US President Donald Trump announced stricter economic sanctions against Iran. The standoff in the Strait of Hormuz showed few signs of easing, with commercial traffic through the waterway remaining at a fraction of pre-war levels.

The price of West Texas Intermediate crude futures rose 0.25% to $84.60 a barrel, while Brent crude futures increased by 0.3% to $91.93 a barrel. Trump vowed to impose 'the most crushing economic operation ever taken against any country,' warning that his plans would be an 'economic D-Day' for Iran.

The US has already imposed strict sanctions on Iranian oil exports, and Washington has also implemented a naval blockade on the country. Iran had responded by blocking the Strait of Hormuz for most of the year, disrupting at least 20% of global crude supplies.