Oil prices jumped sharply Thursday after President Donald Trump took to Truth Social, telling all nations to cease purchases of Iranian oil and petrochemicals, or violators will face sweeping U.S. secondary sanctions.
“All purchases of Iranian Oil, or Petrochemical products, must stop, NOW!” Trump wrote.
“Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions. They will not be allowed to do business with the United States of America in any way, shape, or form.”
While the declaration has yet to be backed by an official White House press release or executive order, energy markets wasted no time reacting.
Within 30 minutes of the post going …