Iranian President Masoud Pezeshkian stated that Iran should end the war now that it is in a position of strength. He added that the world acknowledges its victory.

Reuters reported the comments citing ISNA News Agency.

President Donald Trump announced what he called the most crushing economic operation ever taken against any country on Wednesday, targeting Iran and warning that any nation providing Tehran a financial lifeline would face severe consequences. Speaking on Truth Social, Trump described the initiative as an economic D-Day designed to cripple Iran's ability to project terror worldwide and ensure it never acquires a nuclear weapon.

Trump asserted that Iran's navy is gone, its air force destroyed, and its military factories reduced to rubble. He stated that the country's currency is worthless and that the nation is hanging by a thread. The former president urged all US allies to stand with America in isolating and defeating the Iran threat, warning that any country allowing its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran would itself face tremendous economic consequences.

Global Enforcement Measures

Specific channels identified for immediate cessation include oil smuggling, swap lines, cash transfers, exchange houses, ship registries, and front companies. Trump emphasized that all such activities need to stop now, adding you know who you are. He claimed that no one had offered Iran a greater opportunity to make a deal but said the nation tragically failed to take it.

The announcement follows the expiration of a 60-day US-Iran memorandum of understanding, with no broader peace deal in place. A senior Iranian official warned that Tehran would shift to a fully offensive posture if diplomatic efforts fail. In April, Defense Secretary Pete Hegseth said the Treasury Department had launched an effort dubbed Operation Economic Fury to escalate economic pressure on Iran, urging Tehran to choose wisely.

Escalating Military Tensions

Iran is reportedly weighing strikes on US military targets in Europe should the conflict with the Trump administration escalate. Potential targets include Bulgaria's Bezmer air base and a British base in Cyprus, according to a Financial Times report. A NATO spokesperson told CNN that the alliance is prepared to address any threat and will always do what is necessary to defend all allies.

The US Navy has tightened its grip on the Strait of Hormuz, with more than 80% of tanker traffic over the past two weeks taking a US-backed route through Omani waters. Analysts say neither side fully controls the waterway.

Brent crude was trading 0.55% higher near $92.124 a barrel, and WTI crude oil rose 0.41% to $84.736 at the time of writing.