Trump Vows 'Beating' for Iran as Oil Prices Spike Amid Escalating Tensions

Oil prices surged on Wednesday, July 29, after President Donald Trump threatened a forceful response to what he described as an attempted Iranian attack on US forces.

The global energy market responded with Brent crude rising 5.8% to $86.82 a barrel and US West Texas Intermediate (WTI) crude gaining 6.4% to $84.30 per barrel.

Trump told Fox News that the United States coordinated with Iraqi authorities before launching joint US-Saudi strikes against Iran-backed Shiite militias in Iraq, calling them 'a cancer on the world'.

The president also warned of further military action against Iranian proxy groups, stating, 'We are going to beat the f*****g s**t out of them. We'll be hitting them hard. They're going to get a beating.'