Trump weighs wider Iran strikes as Hormuz traffic nears a standstill
Why it matters: Oil topped $100 a barrel, US gasoline rose above $4 a gallon, and the Houthis opened a second shipping threat in the Red Sea.
President Donald Trump is considering a broader US attack on Iran after two weeks of renewed fighting and 13 straight nights of US strikes tied to shipping in the Strait of Hormuz. The escalation follows the collapse of an interim truce and Iran’s rejection of a new ceasefire proposal carried by Iraq’s prime minister, according to the reports. Trump also threatened major punishment for Iran and the Houthi group if commercial ships are targeted, while warning damages to ships and cargo would be covered with Iranian funds frozen in the United States. The Houthis this week claimed strikes on Saudi oil tankers, widening the crisis beyond Hormuz to the Bab el-Mandeb route as Iran also kept up attacks on US bases in Kuwait and Bahrain.