President Donald Trump said Wednesday that he ordered the Treasury Department to 'substantially increase' sanctions on Iran.
US President Donald Trump speaks before signing an executive order for sanctions on Iran's supreme leader in the Oval Office of the White House on June 24, 2019 as US Treasury Secretary Steven Mnuchin looks on.President Donald Trump said Wednesday that he ordered the Treasury Department to "substantially increase" sanctions on Iran.
It was not immediately clear what steps the president directed Treasury Secretary Steven Mnuchin to take. Neither the Treasury Department nor the White House immediately responded to CNBC's requests to comment. Trump's announcement follows strikes Saturday on the world's largest crude-processing plant and oil field in Saudi Arabia. The U.S. accused Iran of carrying out the strikes.
The attacks triggered the largest spike in crude prices in decades and renewed concerns of a budding conflict in the Middle East. All the while, Iran maintains that it was not behind the attacks.
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