Iran’s Ministry of Foreign Affairs Spokesperson Esmaeil Baqaei criticized the President Donald Trump administration’s move to impose economic restrictions on Iran, saying that the move was “annihilating” international law.
U.S. Economic Sanctions Were Bullying
In a post on X on Tuesday, Baqaei slammed Trump’s “Economic D-Day,” saying that countries that wanted to appear “obedient” were fine with the measures, but the measures were “absolutely not fine.”
Baqaei said that when “every bank, company, port, and government must choose between obeying Washington’s whims or facing American vengeance, this is no longer just about Iran,” calling the U.S. a “bully” for its sanctions.
“It is about annihilating the most foundational rules of international law and the UN Charter – namely, respect for the sovereign equality and self-determination of all States,” he said, adding that states that valued sovereignty would not “accept the normalization of such grand lawlessness and systemic bullying” by the U.S.
He then cited the administration’s failed talks with Canada. “Canada is among those already learning that lesson,” the spokesperson said.
Oil, Gas Prices
At the time of writing this article, the West Texas Intermediate (WTI) crude oil was $80.16/bbl, while the Brent crude was trading at $85.86/bbl. Oil ETF United States Oil Fund (NYSE:USO) slipped 1.15% to $124.65 during pre-market trading on Wednesday.
On Wednesday, the national average price for a gallon of gas surged to $4.1014, while the national average for diesel was at $5.6230/gallon, according to data collected by the American Automobile Association (AAA).
Trump Administration Grapples With Criticism Over Iran
Trump has been faced with staunch criticism of his handling of the ongoing tensions with Iran as energy costs and grocery bills continue spiking in the U.S. Oil prices, too, remained volatile after Trump claimed that the Strait of Hormuz no longer had mines; a claim that he had earlier made, pointed out by Gov. Gavin Newsom‘s (D-CA) Press Office.
Sen. Elizabeth Warren (D-Mass.) also slammed Trump, accusing him of profiting from the Iran war as the Massachusetts senator pointed to the President’s multi-million dollar holdings in oil companies like ExxonMobil Holdings Corp (NYSE:XOM), Chevron Corp (NYSE:CVX) and more.
On the other hand, Iran’s Security Chief also said that participating in the economic restrictions on Iran was equivalent to an “act of war” against the country. He also said that oil would not flow through the Strait of Hormuz. Despite this, Iran and Oman are reportedly in talks to open a temporary corridor to move vessels through the waterway.
Canada Uncertainty
Meanwhile, failed trade talks with Canada pose uncertainty over the tariffs, as Trump threatened to impose 50% tariffs on Canada. Canadian PM Mark Carney countered U.S. tariffs with retaliatory tariffs on U.S. goods. Reportedly, trade talks fell through between the two countries after Trump’s Commerce Secretary Howard Lutnick intervened, among other reasons.
Trump was slammed by Gov. Gretchen Whitmer (D-MI), who said that the tariffs on Canada would result in additional taxes on Michigan residents and could cause job cuts in the state’s auto sector. Tariffs were also slammed by economist Peter Schiff, who said they may intensify cost-of-living woes in the U.S.
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