US President Donald Trump has recently said that any country or person that buys oil or petrochemicals from Iran will be prohibited to do any sort of business with the US.
It is well to be noted that the US crude oil futures saw a rise of $1.03, or 1.77%, which is close to almost $59 per barrel, while the global benchmark, which is Brent, saw gains of $1.07, or 1.75%, in order to settle at somewhere around $62. Interestingly, Iran happens to be one of the biggest oil producers in OPEC.
Trump said on his social media platform, Truth Social, that any country or person who buys any amount of oil or petrochemicals from Iran is going to be subject to immediate secondary sanctions.
He added on the post that they shall not be allowed to do any kind of business with the United States of America in any kind of shape, size, or form.
It is interesting to note that President Trump in February this year went on to order a maximum pressure campaign when it came to Iran and aimed to completely shut down the Islamic republic’s oil exports.
In his recent remarks, President Trump accused Iran as far as financing the militant groups throughout the Middle East was concerned.
Trump, apparently, also initiated negotiations with Iran in Oman last month when it came to its nuclear program. He had gone on to say in February that he looked forward to preventing Iran from going ahead and developing a nuclear bomb. Tehran has, on the other hand, denied that it is seeking such a weapon.
If you talk about the first term, Trump had gone on to pull the US out of the nuclear agreement that was negotiated with Iran that was previously put in place by President Barack Obama.
According to the CEO of consulting firm Rapidan Energy, Scott Modell, it can also be said that Trump’s comments are clearly directed at China, which happens to be importing over 1 million barrels every day from Iran.
Modell adds that the US sanctions are not likely to have any kind of an effect when it comes to Iranian oil flowing to China unless the White House targets the state-owned enterprises and infrastructure across the country.
Modell, who happens to be a former CIA officer, opines that the President’s statements do not signify any kind of transition in the administration’s drive to touch a fresh deal with Iran but rather highlight the President’s belief when it comes to negotiating by way of strength.
Significantly, in April 2025, Trump went on to impose what he terms as secondary tariffs on any country that purchases oil from Venezuela, which, by the way, happens to be another OPEC member.
