WTI, Brent rise as Trump threatens more strikes on Iran

Key Points:

• Oil prices surged on Thursday, with Brent crude rising 4.6% to $98.44 per barrel and WTI crude up 3.8% to $90.14 per barrel, driven by reported attacks on tankers near Saudi Arabia and heightened U.S. threats against Iran.
• Yemen's Houthi group claimed responsibility for drone and missile attacks on two Saudi oil tankers, marking the first such incident since they declared a naval blockade against Saudi Arabia; no casualties were reported.
• Former U.S. ambassador Joseph Westphal criticized the lack of a clear U.S. strategy in the escalating conflict with Iran, highlighting Congressional reluctance to approve increased war funding amid rising domestic concerns over fuel prices.
• U.S. President Trump warned that any Iranian attacks on ships in the Strait of Hormuz would result in U.S. strikes on Iranian infrastructure, while Iran vowed retaliatory attacks on U.S.-linked regional assets if such actions occur.
• HSBC noted that the recent oil price rally reflects fears over shipping disruptions in the Strait of Hormuz following the collapse of the U.S.-Iran ceasefire, emphasizing that the situation hinges on whether diplomacy can restore stable maritime passage.