Trump describes the war with Iran as a “frivolous military conflict” and threatens to target Jabal al-Ax

Published 4 September 2026, 07:29 GMT

Last updated 1 hour ago

Reading time: 6 minutes

US President Donald Trump described the war with Iran as a "frivolous military conflict," threatening at the same time to target Iran's Ax Mountain near the Natanz uranium enrichment facility "very soon."

"A lot of people don't call it a war," he said in the Oval Office. "I call it a military conflict because it's a trivial matter for us. It's not a big deal."

His statement comes a day after Vice President J.D. Vance said the conflict should not be described as a "war" given that major combat operations ended months ago.

At the same time, on Friday, the US Treasury Department imposed sanctions on a Turkish bank due to its alleged links to the Iranian Revolutionary Guard, as part of Washington's efforts to isolate Tehran economically six months after the start of the war between them.

This latest measure targets Golden Global Bank in Istanbul and its branches, which the US Treasury Department said had “facilitated financial transactions worth tens of millions of dollars” on behalf of the Revolutionary Guards.

The Treasury Department said in a statement that Golden Global Bank was established with the aim of enabling the Iranian shadow banking network to transfer oil revenues from China to Turkey, where they can be converted into cash and gold through exchange companies.

It added that Golden Global Bank knowingly provided correspondent banking services to Iranian financial institutions, allowing transactions to be conducted through accounts controlled by the IRGC-QF and its agents.

On the other hand, the Turkish Golden Global Foundation denied the accusations, saying that it “did not conduct any banking transactions to prove” the US government’s allegations.

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The bank, which describes itself as "the first investment bank in Turkey to adhere to the principles of usurious banking in all its operations," added that it respects "all applicable local and international banking regulations, practices, and compliance requirements."

The Treasury Department has issued a general license allowing the termination of transactions with sanctioned entities.

This measure comes after Washington took a step last week to cut off the operations of Banque Misr in the United Arab Emirates from the American financial system.

US Treasury Secretary Scott Besent said in a statement: “Financial institutions are finding out, in a harsh way, how serious we are about the economic isolation process.”

He added: "While we hope that we will not have to impose sanctions on any more banks, this ultimately depends on how quickly the international community responds and stops supporting the deadly Iranian regime," as he put it.

In an interview with America's Voice News, Besant said that the latest action "serves as an explicit declaration that you are terminating your business."

He added: "We will likely impose sanctions on another bank next week, and say to the criminals in the financial system: 'We know you, you know yourselves, this is over, and our allies are helping us with this.'"

Besant said on Tuesday that Washington would announce banking sanctions this week and another next week, pledging to strangle Tehran economically.

This came on the sidelines of the G20 Finance Leaders' Meeting in Asheville, North Carolina, where he also sought to rally the support of partners to pressure Iran in the conflict.

Iran has been at war since late February, when the United States and Israel launched a surprise bombing campaign that killed its supreme leader and the country's top leaders.

Besant recently pledged that the United States would declare an “Economic Victory Day” over Iran, and warned of dire consequences for countries that do not join this campaign.

“The American stranglehold on the Iranian economy is more severe.”

In the same context, Reuters quoted three high-ranking Iranian sources as saying that the American campaign aimed at strangling the Iranian economy by restricting oil exports and stopping sanctions evasion “has become more severe on Tehran.”

The United States recently expanded the scope of secondary sanctions on countries that trade with Iran, in an attempt to deprive it of using the dollar to settle oil sales transactions and finance its vital imports of goods and raw materials.

The sources add that “efforts to deprive Iran of access to international financing networks in other countries have become a real and urgent threat,” after Tehran has been relying on this for a long time to keep the economy moving.

The sources also explained that financial pressures in themselves affect Tehran’s efforts to circumvent the sanctions regime, as they leave it with less cash to pay the high bonuses required by illegal sanctions evasion, according to them.

The Iranian rial has fallen to unprecedented low levels over the past few days.

One Iranian source said that the country only has gasoline stocks sufficient for two additional months, which must be imported despite domestic oil production due to its limited refining capacity.

As for restricting its oil exports, a high-ranking source commented on Tehran’s statements that it possesses tens of millions of barrels stored in tankers outside the blockade area that it can sell, saying that “new sanctions would push intermediaries to back down or demand larger amounts.”

Kpler data showed that Iranian crude oil shipments declined this month to about 260,000 barrels per day, compared to about 1.7 million barrels per day a year ago.

Iranian President Masoud Pezeshkian says that the total volume of trade has declined by between 25 and 35 percent, with imports being affected more than exports. Pezeshkian is one of several senior officials who have warned over the past few weeks of the rapidly deteriorating Iranian situation.

Standard diesel prices

On the other hand, oil prices rose by more than 6 percent during the week, with the United States and Iran resuming military skirmishes in the seventh month since the outbreak of the conflict, and Brent crude futures rose by 6.1 percent during the week.

The prices of diesel, the biofuel used in land transportation, agriculture, and construction, recorded a new record on Friday in the United States, as part of the repercussions of the turmoil of the American war with Iran.

Its price is now $5.85 a gallon, up from $3.71 a year ago, according to the American Motorists Association.

Farmers use diesel to operate equipment, and it is also used to operate trucks needed to transport food to stores.

Fuel prices have risen significantly since US-Israeli strikes targeting Iran in late February led Tehran to respond by closing the Strait of Hormuz, a vital waterway for energy transport.

A “contribution” to secure navigation in the Strait of Hormuz

On the other hand, the South Korean presidency announced on Friday that Seoul is considering making a “contribution” to secure navigation in the Strait of Hormuz, which has witnessed increasing tension since the outbreak of war between the United States and Iran.

A presidential spokesman said, “Any contributions related to the Strait of Hormuz can be managed within limits that do not affect South Korea’s military readiness in the face of the threats to which it is exposed,” noting that this issue is still under study.

Kpler data showed that the ships included, as of (04:55 GMT), two medium-range tankers, a Kamsarmax tanker, and a Handy-size ship.

The number of ships crossing the waterway may change, as some ships turn off their transponders while sailing.

The United States has been seeking for months to persuade its allies to participate militarily in securing navigation in the Strait of Hormuz, through which before the war was crossed by a fifth of the amount of fuel consumed globally, while Tehran targets ships that attempt to cross the Strait without a permit.