Trump says US has ‘draconian sanctions’ ready for Iran, asserts Hormuz remains open

While asserting that the Strait of Hormuz remained open and the naval blockade had been "extremely effective", WASHINGTON: US President Donald Trump on Wednesday (local time) remarked Washington has "very draconian sanctions" available against Iran and indicated that further measures could be unveiled.

Key points

• They were talking regarding USD 350 a barrel, and it's today 84, 85.
• The Strait of Hormuz remains at the centre of rising tensions between Washington and Tehran, with both sides issuing conflicting statements over its status.
• The comments came against the backdrop of continuing tensions between Washington and Tehran over the Strait of Hormuz, a crucial global energy transit route.
• When asked regarding feasible sanctions on Iran, noted, We have things that we could sanction, while addressing technology leaders, Trump.
• On the Strait of Hormuz, Trump asserted that a US naval blockade had been successful and that oil shipments were continuing despite tensions.

When asked regarding feasible sanctions on Iran, noted, "We have things that we could sanction, while addressing technology leaders, Trump. We have particularly draconian sanctions, and we'll see what happens."

He remarked the US would decide its next course of action based on developments, adding that the situation could either lead to a major drop in oil costs or a continuation of the current measures.

"It'll either be extremely good, and oil prices are going to drop like a rock or we'll continue to do exactly what we're doing, " Trump remarked.

"Right now the Strait is open. A lot of boats are coming through. Individuals aren't reporting that, " he stated.

"The naval blockade has been extremely effective. Zero–I mean, literally while it's up, and that's been for quite a while, you know, except for a couple of little pauses where we opened it purposely at. With a accord. But the accord didn't terminate. The agreement didn't turn out to be what they noted. When they tell us one thing, and they do another, you know. But the blockade has been 100% successful, " Trump continued.

Trump remarked oil costs had remained stable despite reservations over disruptions in the key energy route.

"They were talking regarding USD 350 a barrel, and it's today 84, 85. And we are getting a lot of oil out, " he remarked.

He additionally pointed to alternative sources of oil from US states including Texas, Alaska and Louisiana, saying climbed production and new pipelines had reduced dependence on the Strait of Hormuz.

"I think the Hormuz Strait is not going to be quite as important as it was in the past, " Trump remarked.

Earlier, he remarked the situation with Iran was "so good" and suggested that negotiations with Tehran could resume "maybe at some point".

"Maybe at some point, but right now I think the situation is so good, " Trump had remarked.

Notably, the 60-day deadline for an Iran peace accord is expiring; here's where things stand He additionally reiterated that Iran must not be allowed to possess nuclear weapons.

"Iran cannot have a nuclear weapon. You know why? Since they'd apply it. And we're not going to let them employ it. So Iran cannot have a nuclear weapon, and they won't, " Trump remarked.

In practice, the comments came against the backdrop of continuing tensions between Washington and Tehran over the Strait of Hormuz, a crucial global energy transit route.

Earlier, reports remarked the US negotiating team had been asked to pause negotiations with Iran until Tehran was "ready to make a deal". While maintaining that the Strait of Hormuz was open and operational, trump had additionally stated there were no discussions or discussions at present scheduled with Iran.

Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf remarked Tehran would not reopen the Strait of Hormuz until the United States fulfilled commitments under a 14-point Memorandum of Understanding, including lifting the blockade, releasing frozen Iranian assets and easing oil sanctions.

Notably, the Strait of Hormuz remains at the centre of rising tensions between Washington and Tehran, with both sides issuing conflicting statements over its status. Iran notes Strait of Hormuz won't open until US corrects behaviour.

For now, trump says US has 'draconian sanctions' ready for Iran, asserts Hormuz remains remains the part of the story worth watching, and further updates are likely as more details are confirmed.