Trump Threatens Countries Trading with Iran, Oil Prices Rise
US President Donald Trump has threatened countries, companies and financial institutions doing business with Iran with severe economic consequences, triggering a rise in global oil prices.
According to media reports, Trump warned that any country providing economic support to Iran could also face punitive action.
Oil prices rose immediately after Trump’s warning. According to Reuters, both Brent crude and US crude prices increased for a sixth consecutive day, with Brent gaining more than 6 percent and US crude rising by over 5 percent on a weekly basis.
The increase was driven largely by concerns that new US sanctions could further restrict Iran’s oil exports. Iran is already facing a US naval blockade and severe disruptions around the Strait of Hormuz, putting additional pressure on global oil supplies.
China is Iran’s most prominent trading partner. According to Reuters, China imported around 1.38 million barrels of Iranian oil per day in 2025, making the potential impact of the new US sanctions particularly significant for Beijing.
Türkiye, Iraq, Oman, Pakistan and India are also among Iran’s important trading partners.
US officials said full details of the new sanctions would be announced on Monday. US Treasury Secretary Scott Bessent has described the measures as among the toughest financial sanctions ever imposed against Iran.
