President Donald Trump on Thursday said Iranian money under U.S. control should be used to pay for damage to ships and cargo as he threatened a potentially massive new attack on Iran over Tehran’s continued threats to commercial shipping.

“Please let this statement serve to represent, until further notice, that from this point forth, any and all damages done to Ships, Cargo, or anything related thereto, will be paid for by Iranian Money that the United States has in its possession, and controls,” Trump wrote in a post on Truth Social.

“These damages may be very substantial but, nevertheless, this is the fair and equitable thing to do. Thank you for your attention to this matter!”

Trump did not specify to which Iranian funds he was referring or explain the legal mechanism by which they could be used to compensate victims.

His post came after Iran-backed Houthi terrorists claimed responsibility for missile and drone attacks on the Saudi oil tankers Encelia and Layla in the Red Sea. The Houthis said the vessels violated a blockade imposed by the group.

Trump warned earlier Thursday that Iran would be held responsible for future Houthi attacks and could face “major military punishment.” The attacks sent oil prices above $100 a barrel and heightened concerns about maritime security in the Red Sea and Strait of Hormuz.

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