Trump threatens massive new China sanctions over Iranian oil

What they're saying: "ALERT: All purchases of Iranian Oil, or Petrochemical products, must stop, NOW! Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions," Trump posted to Truth Social.

• "They will not be allowed to do business with the United States of America in any way, shape, or form."
• It was not clear how such sanctions would be implemented, or when; administration spokespeople were not immediately available to comment.

Between the lines: While Trump did not name China in his post, the State Department has said that China is "by far" the largest importer of Iranian oil.

• China currently buys most of Iran's roughly 1.6 million barrels per day of crude oil and condensate exports.

Zoom out: Trump's demand to cut off tens of billions of dollars in Iranian oil revenue comes in the context of ongoing negotiations over a broader nuclear deal.

Zoom in: Successfully thwarting Iranian exports could help stem price slides in what's currently a well-supplied market, especially as OPEC+ is adding more barrels.

• Oil prices, while still trading around four-year lows, bounced after Trump's post.
• But crude prices will nonetheless remain under pressure as economic headwinds from tariffs eat into demand growth forecasts.

Editor's note: This story has been updated with details on the oil market.