KEY POINTS
- Trump revives the maximum pressure campaign to cut Iran’s oil exports.
- He signals openness to a new nuclear deal with Iran.
- Iran still exports over 1 million barrels per day despite sanctions.
In an effort to cut Iran’s oil exports to zero and show that he is amenable to negotiating a new nuclear deal, President Donald Trump has reinstituted the “maximum pressure” campaign against the nation.
Trump reinstates maximum pressure campaign on Iran’s economy
“I would much rather have a Verified Nuclear Peace Agreement that would allow Iran to develop and thrive in peace. Trump wrote on Truth Social, one day after resuming economic pressure on Tehran, “We should get to work on it right away.”
Trump said he was in favor of a new deal that would let Iran grow economically without acquiring a nuclear bomb, even while sanctions were tightened.
Trump dismisses reports of planned military action against Iran
In response to rumors of a possible military confrontation, Trump said, “Reports that the United States, working in conjunction with Israel, is going to blow Iran into smithereens”
According to Oilprice, Trump reinstated stringent sanctions on Iran’s oil industry and first withdrew the United States from the Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA). Iran still exports more than a million barrels a day through opaque trading networks and tankers in its shadow fleet in spite of these attempts.
Iran’s oil earnings, a major source of money for its nuclear and military programs, are being targeted with the latest sanctions. But Iran has already managed to get around limitations and keep selling oil abroad.
