Stock Chart IconStock chart iconBrent crude.In a Truth Social post, Trump said he had provided the Islamic Republic with an opportunity to make a deal. "TRAGICALLY, for them, they have failed to take it," he said."Therefore, today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY! This will be Economic Warfare and Isolation on an unprecedented scale." He also threatened "TREMENDOUS Economic Consequences" against any country providing a lifeline to Iran. This includes cash transfers, currency swaps and shipping registries, the president said. The oil price rise comes after the UAE said Wednesday it was halting all trade and financial transactions with Iran after the Gulf state said it had come under fire from the Islamic Republic on Tuesday.Stock Chart IconStock chart iconWTI.The UAE, one of Iran's key commercial partners, said two ballistic missiles had been launched toward its territory from Iran. Iran's foreign ministry spokesperson Esmail Baghaei denied the strikes. The move heaps further pressure on Iran, which is already facing economic sanctions from the U.S., and pushes the prospect of any renewed ceasefire agreement further from view.