Trump Vows to Hit Iran Hard as Oil Prices Soar

Crude oil prices surged on Wednesday after US President Donald Trump vowed to hit Iran hard in retaliation for an attempted surprise attack on American forces. The international benchmark, Brent crude futures, rose by over 6% to $89.52 a barrel, while US West Texas Intermediate futures advanced about 6.3% to $84.26.

Trump's statement came after the Islamic Revolutionary Guard Corps launched ballistic missiles at US forces in Jordan, which were successfully intercepted by US Central Command. The attempted attack shattered a brief pause in fighting and sent oil prices plummeting earlier this week as the conflict seemed to be on a path toward de-escalation.

Helima Croft, head of commodity strategy at RBC Capital Markets, warned that Iran's actions would continue to disrupt maritime traffic through the Strait of Hormuz and the southern Red Sea. 'We continue to maintain that the ongoing threat of missiles, mines, drones, and Tehran tolls will keep a significant portion of the shipping market on the sidelines,' Croft said.