Trump Threatens Further Strikes Against Iran Amid Escalating Oil Price Surge

US-Iran tensions escalate into a military stand-off as Donald Trump threatens further strikes against Iran, causing oil prices to surge. The latest exchange of attacks has raised concerns over global supply disruptions, with Brent crude settling at $90.49 a barrel, up 2.71% from the previous day's close. The confrontation, now in its sixth month, has shifted into an economic stand-off involving sanctions, blockades, and pressure on oil flows.

Iran fired missiles overnight at two US air bases in Jordan in response to a US strike on Iran's Larak Island. A US official said American forces targeted two Iranian launchers on Sunday after Revolutionary Guard forces were seen preparing to launch rockets with sea mines into the Strait of Hormuz. Trump warned of more action, saying 'We're going to hit them hard' and that 'there will be a response.'

Iranian President Masoud Pezeshkian said Tehran favoured a negotiated settlement, stating that continuing the war was not in the interest of Iran, the region or humanity. US Treasury Secretary Scott Bessent said Iran was 'lashing out' due to the economic impact of sanctions and indicated new secondary sanctions would be announced weekly, focusing initially on banks.