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- Trump Threatens Retaliation Against Iran for Red Sea Attacks as Oil Prices Spike Above $100 US President Donald Trump has vowed to impose “significant military consequences” on Iran and its Houthi allies following a recent attack on two Saudi oil tankers in the Red Sea. The strikes by Yemeni Houthi rebels have marked a notable escalation in the ongoing conflict, now affecting a critical global shipping corridor.Growing apprehension that hostilities could further disrupt maritime trade routes has triggered a sharp rise in global oil prices, with Brent crude experiencing a notable increase of over 6%, surpassing the $100 per barrel threshold for the first time since May.Two weeks after the dissolution of a provisional truce intended to curb hostilities, the US military intensified its aerial operations with additional strikes on Iranian targets overnight into Thursday. This action provoked retaliatory measures from Iran, directing fire toward neighboring countries hosting US military assets.According to reports from Iranian state media, a missile impacted Qeshm Island within the Strait of Hormuz on Thursday evening, heightening concerns of additional offensive actions in a conflict that has persisted for nearly half a year, resulting in thousands of fatalities and posing significant risks to the global economy.In response to the Houthi claims of targeting the two tankers, Trump emphasized Iran’s responsibility for any subsequent attacks conducted by the rebels. The oil tanker Layla is seen in Rotterdam, the Netherlands, in October 2020. Photo: Peter Heiden via ReutersThe Houthi group, which controls northern and western regions of Yemen, announced earlier this week the implementation of a naval blockade against Saudi Arabia. This action has rerouted millions of barrels of oil daily through the Red Sea, circumventing Iran’s control over oil shipments through the Strait of Hormuz.