Trump weighs broader Iran strikes as Hormuz traffic slows
Why it matters: Oil climbed above $100 a barrel, and the White House threatened to use about $2 billion in blocked Iranian funds for shipping damages.
President Donald Trump is considering a wider military strike on Iran after an interim truce collapsed and attacks on shipping spread from the Strait of Hormuz to the Red Sea. Trump told Axios he was close to deciding on an assault “bigger than ever before,” while US Central Command carried out a 13th straight night of strikes aimed at reducing Iran’s ability to hit commercial vessels in Hormuz. Mediation also faltered after Iran rejected a ceasefire proposal that Iraq’s prime minister carried to Tehran, The New York Times reported. The Houthis, backed by Iran, claimed strikes on Saudi oil tankers this week, helping push Brent crude above $100 a barrel as ship traffic through Hormuz slowed sharply.