Trump Threatens Sanctions on Buyers of Iranian Oil, Sparking Market Reaction

Former President Donald Trump escalated his campaign against Iran’s oil exports, vowing to impose secondary sanctions on any country or entity purchasing Iranian oil or petrochemicals. The warning, posted on Truth Social, threatens to cut off violators from all business dealings with the United States.

The market reacted swiftly to the geopolitical tension. U.S. crude futures rose 1.77% to $59.24 per barrel, while Brent crude gained 1.75% to $62.13. Iran remains a key OPEC producer, and the potential disruption to its exports could further tighten global supply.

Trump’s "maximum pressure" strategy, announced in February, aims to choke off Iran’s primary revenue source, which he claims funds militant groups across the Middle East. The hardline approach recalls his administration’s earlier sanctions that briefly removed over 2 million barrels per day of Iranian crude from the market.