US threatens 'toughest sanctions in history' on Iran; oil prices surge as Trump warns of 'economic warfare'

US-Iran war update: In a social media message on Wednesday, Donald Trump promised "Economic Warfare and Isolation on an unprecedented scale."

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

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.

Trump warned countries against oil smuggling and cash transfers with Iran