Trump announces ‘most crushing’ economic operation against Iran: 'This will be an Economic D-DAY'

US President Donald Trump on Wednesday announced what he called the “most crushing economic operation ever taken against any country,” threatening sweeping economic penalties against countries and businesses that provide financial or other support to Iran as he vowed to isolate Tehran.

In a post on Truth Social, Trump said Iran had failed to take a major opportunity to reach a deal with the United States.

“Therefore, today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY!” Trump wrote, describing the campaign as “Economic Warfare and Isolation on an unprecedented scale.”

Trump said countries that allow financial institutions, businesses, airports or government entities to provide Iran with “any type of lifeline” would face “TREMENDOUS Economic Consequences.”

He specifically cited oil smuggling, swap lines, cash transfers, exchange houses, ship registries and front companies, saying they “all need to stop NOW.”

“This will be an ECONOMIC D-DAY,” Trump wrote, urging US allies to join Washington in isolating Iran.

Trump also reiterated that Iran would not be allowed to obtain a nuclear weapon.

The announcement came as Trump said the United States had “complete control” of the Strait of Hormuz, while acknowledging that Iranian actions remained a “nuisance.”

Speaking to reporters outside the White House during a tour of a helipad under construction, Trump said a large number of vessels had passed through the strait the previous night.

“Last night, we had a lot of boats come through,” Trump said. “We have possession, complete control of the strait, I mean, outside of nuisance value.”

Trump appeared to be referring to reports that the US Navy has been assisting a limited number of oil tankers traveling through the waterway.

The New York Times reported Wednesday that about 5 million barrels of oil a day were making it through the strait, down from roughly 15 million barrels a day before the war.

Trump said the continued flow of oil was one reason crude prices had not surged to levels he had previously predicted.

“One of the reasons that oil hasn't gone to the proverbial $300 a barrel — it's at $83, $84, $85 — and it'll be a lot lower when this is over because we have plenty of oil,” he said.

Brent crude, the international benchmark, was trading around $92 a barrel Wednesday and has remained above $90 throughout the week. Prices have risen from about $71 during a brief ceasefire in late June and early July.

Trump said oil shipments through the strait were continuing despite disruptions.

“It's not going to be perfect, but it's a lot of oil coming in,” he said.