Trump weighs wider Iran strikes as Hormuz traffic nears standstill
Why it matters: Oil rose above $100 a barrel as attacks spread to Saudi tankers and ships began avoiding another key chokepoint.
President Donald Trump is weighing a much broader US attack on Iran after an interim truce collapsed and shipping through the Strait of Hormuz slowed to a trickle. Trump threatened “major military punishment” for Iran and the Houthis if they target commercial vessels, while US Central Command carried out a 13th straight night of strikes aimed at Iran’s shipping attack capabilities. The Houthis claimed strikes on Saudi oil tankers this week, opening another front in the conflict. Mediation also faltered after Iran rejected a ceasefire proposal carried to Tehran by Iraq’s prime minister. Trump separately threatened to use frozen Iranian funds held in the United States to cover damage claims from ships and cargo, a move Iran’s foreign minister called an incendiary precedent.