Trump's threat of "most crushing" economic warfare on Iran spurs oil price rise

HotTV

Trump's threat of "most crushing" economic warfare on Iran spurs oil price rise

2026-08-21 02:22 Last Updated At：18:54

International oil prices surged more than two percent on Thursday after U.S. President Donald Trump announced on Wednesday what he described as "the most crushing economic operation ever taken against any country" on Iran.

The price of Brent crude, the international benchmark, rose 2.4 percent to near 94 U.S. dollars a barrel on Thursday morning, its highest level since late July. In addition, West Texas Intermediate (WTI) crude futures, the U.S. benchmark, gained 2.5 percent to 86 U.S. dollars a barrel.

"This will be Economic Warfare and Isolation on an unprecedented scale," Trump posted on Truth Social, accusing Iran of failing to take the opportunity to make a deal.

"Today, I am also announcing that ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," Trump warned.

Trump specifically demanded an immediate halt to financial and commercial conduits. Calling the move "an ECONOMIC D-DAY," Trump urged allies to stand with the United States to "isolate, and defeat, the Iran threat."

While more oil is being transported out of the Middle East via other channels, the Strait of Hormuz remains largely shut, which is keeping energy prices high and adding to global inflationary pressures.

Official data published on Wednesday by the U.K. and the eurozone showed that both saw their July consumer price index (CPI) rise 2.9 percent year-on-year, partly fueled by higher energy prices.

APEC Leaders' Week gains momentum as final SOM, ABAC meetings open in Shenzhen

The 2026 APEC Economic Leaders' Week is building momentum as this year's final APEC Senior Officials' Meeting (SOM) and the fourth APEC Business Advisory Council (ABAC) meeting opened in Shenzhen on Saturday.

As the last SOM of APEC's 2026 "China Year," the two-day meeting, which ends on Sunday, is the main channel through which APEC advances cooperation across various fields and consolidates outcomes for the 33rd APEC Economic Leaders‘ Meeting, scheduled to be held in Shenzhen, south China's Guangdong Province, on Nov. 18-19.

Hosted by the China Council for the Promotion of International Trade (CCPIT), the fourth ABAC meeting brought together business leaders for in-depth discussions on regional economic integration, connectivity, digital innovation and sustainable development.

The consensus reached by ABAC will be submitted to APEC leaders as policy recommendations from the business community, while also serving as a core input for the Shenzhen Initiative of the 2026 APEC CEO Summit, to be released at the summit.