Oil prices are rising again as the United States weighs military options against Iran and diplomatic efforts to end the conflict stall. The top U.S. commander in the Middle East briefed President Trump on Thursday on possible military moves and the ongoing blockade of the Persian Gulf, a critical shipping corridor for global oil supply. Talks to end the war with Iran have not advanced. The Persian Gulf blockade is the direct driver of the oil price surge. A significant share of the world's seaborne crude passes through the strait, so any disruption, or even prolonged uncertainty, pushes prices higher across global markets. Defense Secretary Pete Hegseth faced fresh questioning from lawmakers on Thursday, adding political pressure to an already tense situation. A deadline for congressional wartime authorization is also approaching, which could force a formal vote on whether U.S. military action has legal backing. Watch for whether Congress acts on authorization, any shift in Gulf shipping conditions, and whether the Iran talks resume, each could move oil markets sharply.
Venezuela's earthquake death toll has reached 1,430 with the US Geological Survey warning fatalities could top 10,000, placing it among Latin America's deadliest in a century. US military planes are landing in Caracas, Washington is mobilising $150 million in aid, and rescue teams from 17 countries are on the ground.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
