The oil rally is gaining fresh momentum, with Brent just shy of $94 a barrel, as investors raise the geopolitical premium following a new escalation in U.S. pressure on Iran.

Donald Trump’s statements about an “Economic D-Day” against Iran acted as a catalyst for the latest rally in crude oil prices, as October Brent futures rose by $2.30, or 2.3%, to $93.90 a barrel at 18:45 Greece time, while September U.S. crude futures gained $0.90 to $86.71 a barrel.

Donald Trump on Wednesday threatened “terrible” economic consequences against “any country” that provides assistance to Iran, further intensifying Washington’s pressure on Tehran, months after the war began with the U.S.-Israeli bombing campaign on February 28.

“I am announcing (…) that any country that allows its financial institutions, businesses, airports, government institutions to provide any form of lifeline to Iran will itself face terrible economic consequences,” the U.S. president said via Truth Social.

In his message, he accused Tehran of failing to “seize” the “great opportunity” he had offered it to reach a “deal” with him. “I am therefore announcing the most crushing economic warfare operation ever conducted against any country,” he continued, promising “economic warfare and isolation on an unprecedented level.”

“Oil smuggling, currency exchanges, liquidity transfers, foreign-exchange markets, classification societies, shell companies — all of this must stop now,” he continued, addressing countries he apparently suspects of providing assistance, openly or covertly, to Iran.

However, he did not specifically refer to the measures and sanctions he intends to pursue.

Tehran calls new U.S. sanctions “economic terrorism”

Meanwhile, Iran’s Foreign Ministry today condemned the announced U.S. economic and trade sanctions, saying that they target ordinary Iranians and that the sanctions constitute “economic terrorism” and crimes against humanity.

U.S. President Donald Trump on Wednesday warned of sweeping economic consequences for any country providing what he called “any kind of lifeline to Iran,” threatening economic warfare and isolation on an unprecedented scale.

Iran’s Foreign Ministry said that the measures would not weaken Tehran’s determination to defend its independence, national sovereignty, and interests.