The move targets a major revenue source for Iran, marking an escalation of Trump’s “maximum pressure” strategy designed to prevent the Middle Eastern nation from acquiring nuclear weapons. It came one day after the Trump administration sanctioned seven entities it accused of trading Iranian oil.
Also Read: Donald Trump says tariffs politically risky, but he’s not rushing dealsIran shipped about 1.7 million barrels per day of crude and condensates during April, according to preliminary estimates. Two of the biggest buyers of the nation’s crude have traditionally been China and India. US crude futures gained after Trump made his announcement, rising 1.6% to $59.12 per barrel.
Negotiations over Iran’s nuclear program are facing fresh uncertainty after a meeting set to take place this weekend was postponed, and US officials said they had never agreed to join the latest round in the first place.
Oman’s foreign minister said on X that a new round of talks between US and Iranian officials scheduled on Saturday will be pushed back due to “logistical reasons.” “New dates will be announced when mutually agreed,” said Badr Albusaidi, whose government is facilitating the negotiations.
But a spokesperson for President Donald Trump’s envoy, Steve Witkoff, said the US never announced that a meeting was set to take place this weekend. A person familiar with the matter, who asked not to be identified discussing private deliberations, also said Washington never confirmed its participation, but that talks could still be held in the near future.
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Iranian state media reported on Thursday that the talks were rescheduled at the request of Oman, citing a spokesman for Iran’s foreign ministry, who said the next possible dates will be announced later.
Washington and Tehran last week signalled progress in negotiations, even as both sides said that substantial work remains to be done. Iranian Foreign Minister Abbas Araghchi said he was cautiously optimistic a deal could be reached if the US avoided “unrealistic and impossible demands.”
Trump has pledged he won’t allow Iran to develop or obtain nuclear weapons, as he seeks to replace a 2015 nuclear deal he abandoned with a new agreement. His administration has also stepped up pressure on Tehran, rolling out several rounds of sanctions. Iran has insisted that its nuclear program is peaceful while maintaining that its ability to enrich uranium is non-negotiable.
While Witkoff and other officials have suggested the talks are making progress, other members of Trump’s administration have taken a harder line. On Wednesday, Defense Secretary Pete Hegseth blasted Iran and reiterated accusations that it’s providing lethal support to Houthi rebels in Yemen.
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“We see your LETHAL support to The Houthis,” Hegseth wrote on X. “We know exactly what you are doing. You know very well what the U.S. Military is capable of — and you were warned. You will pay the CONSEQUENCE at the time and place of our choosing.”
