Washington, Aug. 19 -- US President Donald Trump on Wednesday (local time) said Washington has "very draconian sanctions" available against Iran and indicated that further measures could be announced, while asserting that the Strait of Hormuz remained open and the naval blockade had been "extremely effective".

While addressing technology leaders, Trump, when asked about possible sanctions on Iran, said, "We have things that we could sanction. We have very draconian sanctions, and we'll see what happens."

He said the US would decide its next course of action based on developments, adding that the situation could either lead to a major drop in oil prices or a continuation of the current measures.

"It'll either be extremely good, and oil ...