Iran

Saudi Arabia’s Crown Prince Mohammed bin Salman has warned of astronomical oil prices in the event that tensions escalate in the Persian Gulf, two weeks after his country was hit by a drone and cruise missile attack that Riyadh and Washington have blamed on Iran.

Oil slid after Iranian President Hassan Rouhani claimed Friday that the U.S. offered to remove all sanctions on Iran in exchange for negotiations. President Donald Trump and the State Department later denied those claims, causing oil to rebound from the lows.

President Donald Trump said Wednesday that he ordered the Treasury Department to “substantially increase” sanctions on Iran.

U.S. Secretary of Energy Rick Perry said it is time to form a coalition of countries to address Iran’s “malign” activity.

Morgan Stanley does not expect rising tensions in the world’s most important oil chokepoint to lead to a sustained jump in oil prices.

Iran rejected claims that one of its drones has been shot down by a U.S. warship in the Strait of Hormuz.

U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday.