An Iranian national flag flies at the Persian Gulf Star Co. (PGSPC) gas condensate refinery in Bandar Abbas, Iran, on Jan. 9. 2019.
Ali Mohammadi | Bloomberg | Getty Images
President Donald Trump said Thursday any country or person that buys oil or petrochemicals from Iran will not be allowed to do any business with the U.S.
U.S. crude oil futures rose $1.11, or 1.91%, to $59.32 per barrel, while global benchmark Brent was up $1.15, or 1.88%, to $62.21 per barrel. Iran is one of the biggest oil producers in OPEC.
“Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions,” Trump said in a post on his social media platform Truth Social. “They will not be allowed to do business with the United States of America in any way, shape, or form.”
Trump has implemented what he calls a “maximum pressure” campaign against Iran since taking office, which aims to completely shut down the Islamic Republic’s oil exports. The president has accused Iran of using oil revenue to finance militant groups throughout the Middle East.
Trump has also initiated negotiations with Iran over its nuclear program. His administration believes Iran is trying to develop a nuclear bomb, an allegation that Tehran has denied.
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