Oil prices jump 3% as Trump threatens ‘economic warfare’

President Donald Trump's social media rhetoric threatening a "crushing economic operation" against Iran preceded a 3% bump in oil prices.

UAE, long a crucial trading hub for Tehran, has also suspended commercial ties

President Trump is threatening Iran with more economic measures that may bring Tehran back to the negotiating table. This comes as Mr. Trump comments on North Korea's dictator Kim Jong Un and his arsenal of nuclear weapons. CBS News' Aaron Navarro reports.

The announcement extends a pressure campaign the Trump administration has waged since April under the banner Operation Economic Fury.