Donald Trump has told his team to prepare for an extended blockade of Iran in order to drain the regime's finances.
The Wall Street Journal reported that the US president believes that hurting Tehran's coffers will weaken its leverage in negotiations.
US officials told the newspaper that the blockade is crushing Iran's economy, as the regime struggles to store the surplus of unsold oil it has.
Analysts believe that the ongoing blockade of Iranian ports and vessels is costing the regime up to $435million per day.
But conversely, inflated oil prices are continuing to increase prices for consumers and businesses, costing Trump politically at home and on the world stage.
Just last night, Trump slammed Germany's chancellor Friedrich Merz, claiming he thinks 'it’s OK for Iran to have a Nuclear Weapon. He doesn’t know what he’s talking about!'
'Trump added: 'If Iran had a Nuclear Weapon, the whole World would be held hostage. I am doing something with Iran, right now, that other Nations, or Presidents, should have done long ago. No wonder Germany is doing so poorly, both Economically, and otherwise!'
07:51
In a post to Truth Social, Trump last night said German chancellor Friedrich Merz 'doesn’t know what he’s talking about' when it comes to Iran.
He wrote: 'The Chancellor of Germany, Friedrich Merz, thinks it’s OK for Iran to have a Nuclear Weapon. He doesn’t know what he’s talking about! If Iran had a Nuclear Weapon, the whole World would be held hostage.
'I am doing something with Iran, right now, that other Nations, or Presidents, should have done long ago. No wonder Germany is doing so poorly, both Economically, and otherwise!'
07:42
Trump 'tells officials to prepare for long blockade'
Donald Trump has told his team to prepare for an extended blockade of Iran in order to drain the regime's coffers.
The Wall Street Journal reported that the US president believes that hurting Tehran's wallet will weaken its leverage in negotiations, forcing it to submit to the US' demands.
US officials told the newspaper that the blockade is crushing Iran's economy, as the regime struggles to store the surplus of unsold oil it has.
07:58
Buckingham Palace responds to Trump's claim that King Charles 'agrees' Iran cannot have nukes
Buckingham Palace has responded to Donald Trump's claim that King Charles 'agrees' with him that Iran cannot have nukes.
During a dinner held at the White House in honour of the King's state visit, Trump said, referring to Iran:
'We have militarily defeated that particular opponent, and we're never going to let that opponent ever - Charles agrees with me, even more than I do - we're never going to let that opponent have a nuclear weapon'
While King Charles didn't say anything during his own remarks, a spokesperson for Buckingham Palace has since said:
'The King is naturally mindful of his Government's long-standing and well-known position on the prevention of nuclear proliferation.'
07:45
Kazakhstan says it will not leave OPEC+
Kazakhstan's energy ministry said on Wednesday the Central Asian country was not considering leaving OPEC+, a day after the United Arab Emirates said it would leave the oil producers' group amid an energy crisis caused by the Iran war.
07:44
EU farming and food industries call for priority access to energy
European farming, food and retail associations on Tuesday called for the EU agri-food chain to be formally recognised as critical infrastructure, urging policymakers to grant operators priority access to energy and key inputs at affordable and competitive rates.
'Middle East instability is increasing volatility in energy, logistics and input markets vital to Europe's food production and distribution', CEJA, Copa-Cogeca, CELCAA, FoodDrinkEurope and EuroCommerce said
The groups said costs for energy, fertilisers, freight, packaging and agricultural raw materials are already rising across the value chain, risking higher grocery prices and weaker food affordability without urgent EU action.
The associations urged EU and national authorities to guarantee farmers, processors, traders, retailers and wholesalers secure and predictable access to energy and key inputs.
They said targeted, temporary and EU-coordinated measures may be needed for the most exposed actors.
07:41
Key Updates
Trump 'tells officials to prepare for long blockade'