President Trump announced on August 19 Operation Economic Fury, described as the most aggressive economic campaign ever directed at a single country, threatening secondary sanctions against any nation providing financial lifelines to Tehran. The UAE severed all financial connections with Iran shortly before the announcement, widely interpreted as a response to US diplomatic pressure. Oil prices surged more than 2% on August 20, reflecting trader anxiety about potential supply disruptions from a major petroleum producer. China, Iran’s largest oil customer, represents the primary challenge to enforcement, having historically shown limited appetite for complying with US secondary sanctions. This initiative builds on Trump’s maximum pressure campaign launched in 2018 after withdrawing from the 2015 Iran nuclear deal.
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