Donald Trump threatens sanctions on countries that buy oil from Iran

United States President Donald Trump has threatened sanctions on any individual or country purchasing oil from Iran. He added that any individual or entity caught will be cut off from doing business with the United States.“Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions. They will not be allowed to do business with the United States of America in any way, shape, or form,” he posted on Truth Social.The message follows Trump’s decision in February to launch a “maximum pressure” campaign aimed at halting Iran’s oil exports. On Thursday, he claimed Iran continues to fund militant groups across the Middle East using oil revenues. According to data from CNBC, the oil market reacted immediately as US crude futures went up by $1.03, or 1.77%, closing at $59.24 per barrel. Brent, the global oil benchmark, climbed $1.07, or 1.75%, ending at $62.13. Iran remains a top oil producer within OPEC, and talk of sanctions instantly affects pricing.Donald Trump targets China amid talks with IranThe White House didn’t directly name China, but Scott Modell, who controls Rapidan Energy, said the message is directed at Beijing. China is reportedly importing over 1 million barrels a day from Iran. Modell told CNBC that unless the administration specifically hits China’s state-owned companies and the infrastructure that supports those oil flows, those barrels will keep moving.“Trump’s comments don’t signify a change in the administration’s drive to reach a new deal with Iran but rather underscore Trump’s belief in negotiating through strength,” he said.Even with all the pressure, Trump isn’t exactly closing the door on talks. In April, he opened negotiations with Iranian officials in Oman. The focus of the discussion was Iran’s nuclear program. Back in February, he said the goal was to stop Iran from getting a nuclear weapon, though the country has denied it wants one. He added that he would rather negotiate a new agreement than keep escalating tensions.This is not the first time he has taken this approach. During his first term, Trump pulled the US out of the 2015 nuclear deal brokered by Barack Obama. Since then, his administration has worked to squeeze Iran’s economy, especially its oil exports, as hard as possible.One more move came earlier in April when Donald Trump slapped “secondary tariffs” on countries buying oil from Venezuela, another member of OPEC. Just like with Iran, the goal is to block revenue from flowing to governments he wants to isolate.The post Donald Trump threatens sanctions on countries that buy oil from Iran first appeared on Coinfea.