Iran says Trump’s ‘economic D-Day’ will fail as Strait of Hormuz shipping traffic remains unchanged

Iranian Foreign Minister Abbas Araghchi said President Donald Trump’s “economic D-Day” against Iran will fail, dismissing it as a distraction from America’s growing national debt. Trump said Wednesday that the economic campaign he plans to wage against Iran would be the most “crushing” operation of its kind ever attempted.

Covered by: James Cirrone and Emma Bussey / FoxNews 

 

WHAT TO KNOW

• President Donald Trump urged U.S. allies and countries around the world Wednesday to cut off Iran economically, saying there would be consequences for anyone who "provides a lifeline."

• Iran largely dismissed Trump's economic threat, with Kazem Gharibabadi, Iran's deputy foreign minister for legal and international affairs, saying this pivot comes after the U.S. military operation "didn't yield results."

• As of Wednesday, there are no talks scheduled with Iran, according to Trump.

• Shipping traffic through the Strait of Hormuz remains unchanged from Wednesday, according to shipping data.

• Traffic has slowed further at the other major transit chokepoint in the region, the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden.

• Amid sustained disruptions to oil exports in the Middle East, Brent crude is now hovering at $94 per barrel, a 2.5% jump from Wednesday morning. Read live updates here.