Oil Prices Soar as Trump Threatens Retaliation Against Iran

Global oil prices surged on Wednesday after President Donald Trump vowed to retaliate against Iran for an overnight missile attack. The price of crude oil climbed over 7% to above $90 a barrel, marking a significant increase in recent weeks.

The sudden spike in oil prices was triggered by the US's promise to respond to the Iranian attack, which targeted US forces in the Middle East on Tuesday. Trump told Fox News that 'we'll be hitting them hard,' indicating a strong military response.

The escalation of tensions between the US and Iran has sent shockwaves through the global economy, with oil prices swinging dramatically over recent weeks. Last month, prices briefly fell to their lowest level since before the war on news of a preliminary peace agreement, but the resumption of fighting cast doubt on the deal's staying power.