‘Economic D-Day’: Trump announces major economic measures against Iran

Donald Trump has announced plans for tougher economic pressure on Iran warning that countries supporting or doing business with Tehran could face devastating impacts. The US president wrote in all capital letters on Truth Social that he was introducing “the most crushing economic operation ever taken against any country.”

This comes after a 60-day ceasefire formally terminated on Monday without any peace accord for the war that the US and Israel began at the end of February.

Tehran maintained that the US rolled out a series of actions against foreign banks and firms that do business with Iran in April when it became evident that military action had not led to the subversion of the regime in Tehran.

On Wednesday, the US president wrote that he was launching “economic D-Day” on Iran because it had failed to make an agreement with the US.

These recent decisions come a day after the UAE announced it would be imposing economic penalties on Iran after a new missile threat from the country. The UAE’s defense ministry further asserted that it had detected two ballistic missiles launched from Iran targeting shipping traffic.

Trump said: “Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies - it all needs to stop NOW. You know who you are." Since the start of the war, Washington has sanctioned several so-called teapot refineries - privately owned oil processing plants.”

The US and Oman are involved in crucial talks with Tehran to reopen the Strait of Hormuz, a significant trade route through which around 20% of the world’s crude oil and liquefied natural gas circulate.