Trump orders substantial increase of sanctions on Iran

President Donald Trump on Wednesday announced what he said would be substantial new sanctions against Iran in the first response to what US officials say was likely Iranian involvement in an attack on Saudi oil facilities.

"I have just instructed the Secretary of the Treasury to substantially increase Sanctions on the country of Iran!" Trump said in a tweet.

The United States already enforces widespread sanctions that have crippled Iran's economy, including attempting to shut down its major oil export industry.

It was not immediately clear what steps the president directed Treasury Secretary Steven Mnuchin to take.

Trump’s announcement follows strikes Saturday on the world’s largest crude-processing plant and oil field in Saudi Arabia. The U.S. accused Iran of carrying out the attacks.

The strikes triggered the largest spike in crude prices in decades and renewed concerns of a budding conflict in the Middle East. All the while, Iran maintains that it was not behind the attacks.