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Trump warns Iran and Houthi allies face major military punishment
WTI is up 5.6% to $90.77, while Brent rises more than 6% and breaks $100 a barrel for the first time since May.
US President Donald Trump said the United States would hold Iran responsible for Houthi actions and warned that Iran and its Houthi allies would soon face a major military punishment, according to Reuters as cited by FXStreet.
The comments followed Houthi rebels, described as Iran-backed, striking two Saudi oil tankers in the Red Sea, extending the Middle East conflict to a second major shipping chokepoint.
FXStreet also linked the backdrop to earlier Houthi statements about imposing a naval blockade on Saudi Arabia, alongside mention of Saudi efforts to divert millions of barrels of oil per day by pipeline to the Red Sea.
After the headlines, crude prices moved higher, with WTI up 5.6% to $90.77 and Brent up more than 6%, topping $100 a barrel for the first time since May.
Latest closeWTI crude $92.23 ▲6.2%|Brent $100.54 ▲6.9%