Trump's Economic D-Day Hikes Oil Prices, Hits Indian Rupee
US President Donald Trump announced fresh Iran sanctions on Wednesday, calling it an 'Economic D-Day' and the 'most crushing economic operation ever taken against any country.'
The move aims to cut off financial lifelines to Iran, including oil smuggling, currency swaps, cash transfers, exchange houses, ship registries, and front companies.
The sanctions follow a 60-day US-Iran negotiating window that lapsed on Monday without a breakthrough, as well as the UAE's decision to sever all financial and trade ties with Tehran.
Oil prices rose in response, with Brent crude trading near $92 a barrel for its fourth straight session of gains, while WTI held near $86. Indian equities also felt the impact, with the Sensex down 492.70 points at 77,235.46 and the Nifty falling for a sixth consecutive session.
The rupee slipped to a three-week low near 95.72-95.75 against the dollar on Wednesday, pressured by costlier oil and elevated US Treasury yields.