Trump's 'Massive Attack' Warning Sends Crude Oil Prices Soaring

Crude oil prices surged for a fifth consecutive day in Japan's domestic commodity futures market on the 24th, fueled by escalating geopolitical tensions in the Middle East. President Donald Trump hinted at a 'massive attack' on Iran, sparking concerns over crude oil supply.

The US president made the remarks during an interview with Axios on the 23rd, stating that preparations for a massive attack were underway and that Israel would likely join if requested.

A parallel development saw Yemen's Houthi militant group claim responsibility for attacking two Saudi Arabian oil tankers in the Red Sea's Bab el-Mandeb Strait. The strategic waterway is crucial to global energy supply, with approximately 12% of seaborne oil shipments passing through it.