Trump says he will 'substantially' increase sanctions on Iran

President TrumpDonald John TrumpTrump rails against impeachment in speech to Texas farmers Trump administration planning to crack down on 'birth tourism': report George Conway on Trump adding Dershowitz, Starr to legal team: 'Hard to see how either could help' MORE on Wednesday said that he has instructed Treasury Secretary Steven MnuchinSteven Terner MnuchinSecurity for Trump's Mar-a-Lago visits cost local taxpayers million On The Money — Presented by Wells Fargo — Senate approves Trump trade deal with Canada, Mexico | Senate Dems launch probe into Trump tax law regulations | Trump announces Fed nominees Senate Democrats launch investigation into Trump tax law regulations MORE to “substantially” increase economic sanctions on Iran. 

Trump's announcement comes after Trump administration officials have blamed Iran for drone attacks on two Saudi oil sites over the weekend, though the president himself has not yet definitely pinned the blame on Tehran for them. 

“I have just instructed the Secretary of the Treasury to substantially increase Sanctions on the country of Iran!” the president, who is on a fundraising tour through California, tweeted, without specifically mentioning the attacks.

The White House did not immediately respond to a request for clarification on whether the president had announced the sanctions in response to the attacks. 

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The Trump administration has been mulling a response to the attacks on the oil sites last Saturday in Saudi Arabia. Trump told reporters earlier this week that Iran appeared to be responsible, but he was waiting on final analysis from U.S. officials.

Trump initially hinted at potential military action — saying in a tweet on Sunday the U.S. was “locked and loaded” and waiting for confirmation and direction from Saudi Arabia — but appeared to soften his rhetoric a day later.

Trump on Monday afternoon said he wants to avoid war with Iran, while also warning that the United States was more prepared than any other nation for armed conflict.

“Do I want war? I don’t want war with anybody,” Trump told reporters in the Oval Office, adding: “We have the strongest military in the world.”

“We have a lot of options, but I’m not looking at options right now. We want to find definitively who did this,” Trump later said.   

Secretary of State Mike PompeoMichael (Mike) Richard PompeoCountries reach agreement in Berlin on Libya cease-fire push, arms embargo Trump Jr.: If 'weaker' Republicans only call for certain witnesses, 'they don't deserve to be in office' House Democrats may call new impeachment witnesses if Senate doesn't MORE, who publicly blamed Iran for the attacks over the weekend, is currently traveling to Saudi Arabia to meet with Saudi Crown Prince Mohammed bin Salman to discuss the attacks and “coordinate efforts to counter Iranian aggression in the region,” according to the State Department. 

Iran has denied involvement in the attacks, for which Iranian-backed Houthi rebels in Yemen have claimed responsibility.

The Trump administration has levied increased sanctions on Iran after the president withdrew from the 2015 nuclear agreement between six countries and Iran last year.

It is not yet clear whom Trump plans to target with the new sanctions.

The Treasury Department did not immediately return a request for more information.

Updated at 10:50 a.m.