Trump warns of economic consequences for any country that supports Iran
US President Donald Trump speaks as he hosts 16-year-old lifeguard Ryder Williams, who saved a child off the coast of Santa Cruz, California, last month, Nathaniel Rai, the child saved by Williams, and Nathaniel's family members in the Oval Office at the White House in Washington, DC, US, August 17, 2026. — REUTERS
US President Donald Trump warned of economic consequences against any country that provided "any type of lifeline to Iran" as the US looks to resolve a war it began alongside Israel nearly six months ago.
Thousands of people have been killed in the war, which quickly drew in countries across the Gulf, and global markets have been shocked as Iran flexed its ability to control shipping through the Strait of Hormuz, through which about a fifth of the world's traded oil passed before February.
The US and Iran have twice announced ceasefire agreements, in April and June, designed to restore the free flow of shipping through Hormuz to pre-war levels on the way towards ending the conflict, but both quickly crumbled even as Israel has largely withdrawn from the fighting, instead focusing attacks on civilian infrastructure in Lebanon.
In a message posted on social media on Wednesday evening, Trump promised "Economic Warfare and Isolation on an unprecedented scale," although details were scant. Iran has weathered continuous punishing economic sanctions for nearly 50 years, since the Islamic Revolution of 1979.
Read: Trump says negotiations with Iran could resume ‘maybe at some point’
"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 wrote.
Trump's social media threats and announcements do not always get fleshed out or successfully acted upon as written, and he did not specify what specific steps the US would take against such a country, which would appear to include US allies that have helped mediate peace talks, and he did not list any country by name.
On Tuesday, the United Arab Emirates, which hosts a major US military base, announced it was suspending all trade activities, commercial exchanges and financial transactions with Iran until further notice. The announcement came after the UAE defence ministry said it had detected two missiles launched from Iran that fell into the sea, a report Iran dismissed as baseless.
China buys more than 80% of Iran's shipped oil, according to 2025 data from analytics firm Kpler, but for the US to engage in further economic warfare with China, a major exporter to the US of vital rare-earth minerals, risks retaliation.
Iran remains open to dialogue with the US but does not confuse negotiations with surrender, Mohammad Mokhber, an adviser to Iran's supreme leader, said on Tuesday, according to the semi-official Fars news agency. Mokhber said military pressure and sanctions would not break Iran's resolve.
On Tuesday, Trump said no talks were taking place with Iran. A day earlier, Jared Kushner, Trump's son-in-law and special envoy, struck an upbeat tone, saying talks with Iran were still underway and were "probably more robust" than ever.
Oil gains on Middle East supply concerns amid impasse in US-Iran war
Oil prices climbed on concerns the impasse in the US-Israeli war against Iran will continue to disrupt supply from the key Middle Eastern producing region and tighten global supplies.
Brent crude futures for October delivery rose 26 cents, or 0.28%, to $91.87 a barrel by 0939 PKT, while US West Texas Intermediate crude futures for September added 17 cents to $86 a barrel.
The more-active October WTI contract gained 12 cents, or 0.13%, to $89.91.
More than 750 US service members wounded since start of Iran war
The number of US service members wounded since the start of the Iran war has passed 750, according to the Defence Department’s war casualty database, CNN reported.
The Pentagon updated the database on Wednesday, recording more than 50 additional wounded soldiers, as talks between Tehran and DC to end the conflict remain at an impasse.
When totals in The Defense Casualty Analysis System for “Overseas Operations” are combined with totals for Operation Epic Fury, 18 service members have died, and 757 have been wounded since the US launched the war against Iran on February 28.