Trump Unleashes New Sanctions on Iran, Oil Prices Hold Steady

Oil prices remained steady in early Asian trade on Thursday after US President Donald Trump threatened more economic sanctions against Iran.

The move came as tensions between the two countries continue to escalate, with Trump calling for stricter restrictions and warning that any country engaging in business with Iran would face consequences.

Trump did not provide details on what the new restrictions would entail, but said they would be 'the most crushing economic operation ever taken against any country.'

The Strait of Hormuz remains a major point of contention, with commercial traffic through the waterway remaining at a fraction of pre-war levels despite claims by US officials that it is open.