Trump weighs wider Iran strikes as Hormuz traffic nears a halt
Why it matters: Oil climbed above $100 a barrel as attacks spread to Saudi tankers and vessels began avoiding Bab el-Mandeb.
President Donald Trump is considering a much broader US attack on Iran after a ceasefire effort collapsed and shipping through the Strait of Hormuz slowed to a trickle. Trump said he was close to deciding on action “bigger than ever before” to pressure Tehran into peace talks, while also threatening major military punishment for Iran and the Houthis if they hit commercial ships. US Central Command said it carried out a 13th straight night of strikes aimed at reducing Iran’s ability to attack shipping. The Houthis claimed strikes on Saudi oil tankers this week, opening another pressure point near Bab el-Mandeb. Trump also said damages to ships and cargo would be paid from roughly $2 billion in frozen Iranian funds held in the United States.