Brent Crude Oil prices surged 5% to $100 per barrel after President Donald Trump threatened “major military punishment” against Iran and its Houthi allies. The escalation followed Houthi strikes on two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint. Trump stated on Truth Social that the U.S. would hold Iran accountable for further attacks. The U.S. Senate failed to advance a resolution rebuking Trump over the war in Iran, with a 47-49 vote. Oil prices are approaching levels seen earlier in the conflict, and U.S. gasoline prices have climbed above $4 per gallon.
Brent Crude Oil prices surged 5% to $100 after US President Donald Trump threatened a “massive attack” on Iran on Thursday. U.S. President Donald Trump promised on Thursday “major military punishment” for Iran and its Houthi allies, after the Yemeni fighters struck two Saudi oil tankers in the Red Sea.
The latest threat sent global oil prices surging in one of the steepest rises of the war, breaking through $100 a barrel for the first time since May. After the Houthis said they had struck the two tankers, Trump said he would hold Iran accountable for any further attacks by the fighters.
“If they do this again, the U.S. will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis themselves,” Trump wrote on Truth Social. In addition, the US Senate failed to advance a resolution Thursday aimed at rebuking President Donald Trump over the war in Iran.
The final tally was 47-49 in the chamber’s first direct vote on the issue since the end of the ceasefire. This comes after the House earlier today voted to limit Trump’s war powers, passing a similar measure.
Furthermore, oil prices are beginning to creep back up to levels seen in the Spring shortly after the US-Iran war started. While Brent is widely considered the international oil benchmark, it also influences the retail cost of gas in the U.S. Those pump prices rose again Wednesday, extending their climb above $4 per gallon.
