President Donald Trump on Wednesday announced what he called the “most crushing economic operation ever taken against any country,” targeting Iran and warning that any nation providing Tehran a financial “lifeline” would face severe consequences.
Threatens Allies Over Iran Support
“Their navy is gone, their air force is destroyed, their military factories are now rubble, their currency is worthless, and their country is hanging by a thread,” Trump said in a post on Truth Social, calling the effort an “economic D-Day.”
Trump warned that oil smuggling, swap lines, cash transfers, exchange houses, and ship registries supporting Iran “all needs to stop now,” adding, “you know who you are,” and said Washington needs allies to help “isolate and defeat” the Iranian threat.
“Iran will never have a nuclear weapon”, Trump added, calling the country’s military “on the ropes” and describing the new measures as designed to “cripple” its ability to “project terror worldwide.”
In April, Defense Secretary Pete Hegseth said the Treasury Department had launched an effort dubbed “Operation Economic Fury” to escalate economic pressure on Iran, while urging Tehran to “choose wisely.”
Iran Reportedly Weighing Strikes on U.S. Targets In Europe
Iran is reportedly weighing strikes on U.S. military targets in Europe should the conflict with the Trump administration escalate, with Bulgaria’s Bezmer air base and a British base in Cyprus among potential targets, according to a Financial Times report.
A NATO spokesperson told CNN that the alliance is prepared to “address any threat” and “will always do what is necessary to defend all allies.”
Tensions Have Escalated Since the Ceasefire Lapsed
Trump’s announcement follows the expiration of a 60-day U.S.-Iran memorandum of understanding, with no broader peace deal in place, and comes as a senior Iranian official warned that Tehran would shift to a “fully offensive” posture if diplomatic efforts fail.
The U.S. Navy has since tightened its grip on the Strait of Hormuz, with more than 80% of tanker traffic over the past two weeks taking a U.S.-backed route through Omani waters, though analysts say neither side fully controls the waterway.
Brent crude was trading 0.55% higher near $92.124 a barrel, and WTI crude oil rose 0.41% to $84.736 at the time of writing.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock/ Below the Sky
