Tangent
The Treasury Department issued new sanctions Wednesday against “seven individuals and entities” who supported efforts to procure weapons for the Islamic Revolutionary Guard Corps. Secretary of the Treasury Scott Bessent reiterated in a statement Trump’s stance that “Iran must denuclearize.”
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Crude Oil Prices Rise
Brent Crude has risen nearly 10% in the last five days of trading, growing more as the peace agreement between the U.S. and Iran has become increasingly derailed. Prices are down significantly since their roughly $118 peak in March and April.
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Key Background
Escalating strikes between the U.S. and Iran led to Trump claiming the ceasefire was over last week. The U.S. and Iran have both claimed control of the strait, where roughly 25% of the world’s oil trade passes through. As Iran has repeatedly declared the strait closed in recent weeks, Trump and Vice President JD Vance have claimed it remains open even as commercial ships face attacks from Iran. Trump said earlier this week the U.S. would charge a 20% fee on cargo shipped “for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World,” before quickly dropping the proposal.
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Further Reading
Trump Reinstates Iranian Naval Blockade After Agreement Unravels (Forbes)
Trump Greenlights Iran Strikes After Declaring Ceasefire ‘Over’ (Forbes)