US Threatens Broader Sanctions on Iran's Trading Partners as Brent Crude Holds Above $93
Business & MarketsWell-covered
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The Facts
- Trump announced a package of economic measures targeting Iran's economy and access to global financial networks.
- Trump warned that countries letting banks, businesses, airports or government bodies aid Iran would face economic consequences.
- Trump did not specify what penalties countries assisting Iran would face.
- Treasury Secretary Scott Bessent said Washington would impose "the toughest sanctions in history" on Iran.
- Bessent said the full details of the sanctions would be set out next week.
- Brent crude settled up 2.4% at $93.78 a barrel on Thursday, its highest close since July 24.
- Brent slipped on Friday to around $93 a barrel but stayed on track for a second consecutive weekly gain.
- An earlier US-Iran peace deal expired this week, with neither side moving to resume negotiations.
- Offers of Iranian crude to Chinese buyers declined this week as the US blockade cut Tehran's shipments.
- The US measures cast doubt on a near-term agreement to reopen the Strait of Hormuz to normal traffic.
Context
Why does the Strait of Hormuz matter to oil prices?
The strait is the chokepoint for about a fifth of the world's oil and a critical route for global energy shipments Rigzone,Zee Business. Analysts cite disruptions to exports through Hormuz and the Red Sea as tilting the risk to Brent prices to the upside S A N A. Markets have also focused on curtailed supply from major regional producers including Saudi Arabia, Iraq, the United Arab Emirates and Kuwait News Tribune,RTE.ie.
What is the US blockade of Iran?
The United States re-imposed a blockade of Iran's shipping and ports on July 13 after a deal to halt the war broke down, aiming to cut off oil sales, Tehran's primary source of hard currency Reuters,Jerusalem Post. US Central Command said on Thursday that American forces had redirected 67 commercial vessels, disabled three and boarded two Zee Business.
How is Iran responding?
Iranian parliament speaker Mohammed Baqer Qalibaf said on Friday that Iran must plan to overcome "unjust sanctions," accusing the United States and Israel of waging economic warfare after failing to prevail militarily Republic World.
Where Left and Right agree, and where they split
- Where Left and Right agree
- Brent near $93 after a second weekly gain is a real cost of the pressure campaign, and the expired deal with no talks resuming is a fact neither side softens.
- Where Left and Right split
- The left and the right split on who should pay for $93 oil: households or third countries.
How left and right read it
The bill for economic warfare lands on ordinary households, and $93 Brent is the early receipt — a second straight weekly gain in the price of heating, food and transport for people who had no say in any of this. Threatening consequences for any country whose banks, airports or businesses touch Iran, without specifying what those penalties are, widens the blast radius rather than narrowing it. Meanwhile the peace deal has expired and neither side has moved to resume talks. Reopen negotiations before the next escalation.
Sanctions only bite when the countries on the margins are made to choose, so warning that any state letting its banks, airports or businesses aid Tehran will face economic consequences is a demand for reciprocity rather than free-riding on American pressure. The peace deal expired. Neither side moved to negotiate. Brent near $93 after a second weekly gain is a price worth paying, so "the toughest sanctions in history" has to land on the enablers when next week's details arrive.
This isn't really a story about Iran's oil — it's about who gets handed the bill for American pressure: families at the pump, or the countries still trading with Tehran.
The receipts — all 49 sources
Wire services (6)
Independent coverage (43)
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