Oil price jumps after report Trump to be given new Iran options
Axios reported that US Central Command has prepared a plan for a wave of "short and powerful" strikes on Iran.
AI Summary
Oil prices reached their highest level since Russia's 2022 invasion of Ukraine after reports that the US military is preparing to brief President Trump on new military options against Iran, including plans for "short and powerful" strikes on Iranian infrastructure. Brent crude rose nearly 7% to over $126 per barrel, driven by escalating tensions in the region where Iran has threatened to attack ships in the strategically critical Strait of Hormuz in retaliation for US-Israeli airstrikes. The US has said it will blockade Iranian ports as long as Tehran continues threatening vessels in the waterway, which carries roughly a fifth of the world's global energy supplies.