Oil Jumps After Trump Warns Iran of Hard Strike

His remarks, which included a pledge to strike Iran “extremely hard” over the coming weeks, raised fears of prolonged disruptions to global oil supply, particularly as no clear path to reopening the Strait of Hormuz was outlined. Markets reacted to the lack of any ceasefire or diplomatic signals, reinforcing concerns over tightening supply. Meanwhile, the UK is hosting a virtual meeting with around 40 countries to explore options for reopening the key shipping route, though the US is not expected to participate. OPEC+ is also considering a potential output increase, but any additional supply is unlikely to reach markets in the near term.