Iran FM rejects Trump’s new economic pressure campaign as ‘failed policy’

Iranian Foreign Minister Abbas Araghchi has rejected US President Donald Trump’s newly announced economic pressure campaign against Tehran, describing it as a continuation of policies that had already failed.

Trump had announced what he called an “Economic D-Day”, warning countries, businesses and financial institutions that provide economic support to Iran of severe consequences.

Reacting to the announcement, Araghchi said Washington’s decision to intensify economic pressure would lead to further failure and deepen hostility among Iranians. He also accused the United States of pursuing what he termed “economic terrorism”, arguing that such measures threaten global economic stability and national sovereignty.

Iranian Deputy Foreign Minister Kazem Gharibabadi similarly criticised the US campaign, saying Washington’s shift towards economic pressure reflected the failure of its military objectives. He also accused the US of seeking greater support from its allies despite claiming that Iran was close to defeat.

Meanwhile, Oman called for lasting peace and stability in the region, saying security in the Strait of Hormuz could only be ensured through a permanent political settlement and dialogue.

Omani Foreign Minister Badr Al Busaidi conveyed the position during a conversation with Japanese Foreign Minister Toshimitsu Motegi on Thursday. He stressed the importance of diplomacy and international cooperation amid growing regional tensions.

Separately, an Islamic Revolutionary Guard Corps (IRGC) spokesman said Iran was continuing to develop and manufacture weapons, with efforts focused on improving precision, destructive capability and technology. He warned that any future conflict could involve weapons with different capabilities from those used previously.

The developments come amid continuing tensions over the Strait of Hormuz and regional military operations. According to Pentagon casualty data cited by CNN, at least 18 US military personnel have been killed and 757 wounded since the beginning of the war with Iran.

Shipping activity through the Strait of Hormuz has also remained under scrutiny. Reuters, citing Kpler data, reported that nine commodity vessels transited the waterway on Wednesday, unchanged from the previous day.

The US military has meanwhile established a shipping route through the southern part of the Strait of Hormuz to facilitate oil tanker movements, Axios reported, citing US officials. The route reportedly runs along the coast of Oman and has been used by oil tankers entering and leaving the Gulf.

According to the officials, the route has enabled between 15 and 20 tankers to move through the area, carrying around 10 million barrels of oil per day towards international markets.

CNN, citing Kpler data, reported that more than 80 per cent of ship crossings through the Strait of Hormuz over the previous two weeks used the Omani route. Iran has opposed the use of the route.

The latest developments underscore the continuing economic, military and diplomatic tensions surrounding Iran, the United States and the strategic waterway through which a significant volume of global energy supplies passes.