Global oil markets are facing renewed uncertainty after US President Donald Trump threatened a sweeping economic campaign against Iran and Tehran warned that it could halt oil exports from the Gulf.
Washington is preparing new sanctions aimed at increasing the economic cost of Iran’s continued resistance.
US Treasury Secretary Scott Bessent has called the planned measures a major financial offensive and warned countries doing business with Tehran that they could also face pressure.
Trump has demanded that Iran reopen the Strait of Hormuz and abandon its nuclear programme.
Iran has rejected Washington’s demands and threatened further action against oil shipments if the United States intensifies its economic campaign.
The possibility of a wider disruption has put energy traders on alert.
The Strait of Hormuz is one of the world’s most strategically important oil shipping routes, making any prolonged disruption potentially significant for global energy markets.
Oil prices fell on Monday as investors adjusted positions ahead of the expected US sanctions announcement, although concerns about future supply disruptions remain.
The dispute has also created pressure on countries with significant economic ties to Iran.
Washington has urged China to cooperate with its campaign, while Beijing has called for diplomacy.
China’s role is particularly important because it remains a major destination for Iranian oil exports.
The latest standoff comes after months of conflict in which thousands of people have died, particularly in Iran and Lebanon.
Although the two sides have not exchanged major military strikes for several weeks, meaningful negotiations have yet to produce an agreement.
The possibility of a new economic confrontation now threatens to prolong the crisis and could create additional risks for global energy prices, inflation and international trade.
For governments and businesses around the world, the key question is whether the latest threats remain largely economic or develop into another major disruption to oil supplies and shipping through the Gulf.
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