Donald Trump: I will ‘substantially increase’ sanctions on Iran

Donald Trump has said he will “substantially increase” sanctions on Iran.

The president’s announcement comes two days after he told reporters it is “looking like” Iran was behind the attacks on Saudi Arabia’s oil facilities, but he has insisted that he does not want war.

The Saudi government is preparing to present “material evidence” proving Iranian involvement in the weekend’s attack against two major Saudi oil production plants.

Iran has rejected claims it was to blame for Saturday’s drone attacks, which damaged the world’s biggest crude processing plant in Saudi Arabia and triggered the largest jump in crude prices in decades.

Global prices surged nearly 20% following the bombing of two oil plants, before dropping about 10% within 24 hours when markets calmed in reaction to Mr Trump’s suggestion that America’s stockpile could be used if required.

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