Trump vows to hit Iran hard, oil prices surge past $90

President Donald Trump has declared the United States will "hit them hard" in response to Iran's attack on a US military base in Jordan. Speaking in a phone interview with Fox News on July 29, Trump stated, "We will hit them; they will be hit hard." Following his remarks, international oil prices reacted sharply, with Brent crude futures climbing over 7% to $90.01 per barrel and West Texas Intermediate (WTI) rising 6.9% to $84.71.

According to CNBC, Iran's attack aimed to disrupt a brief ceasefire. Earlier in the week, oil futures had fallen as the conflict appeared to be de-escalating. However, the missile strike on the US military base in the Middle East by Iran sent oil prices soaring.

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We will hit them; they will be hit hard.

Helima Croft, global head of commodity strategy at RBC Capital Markets, voiced doubts about the situation. "We remain highly skeptical about whether we are close to a major diplomatic breakthrough that would resolve the nuclear standoff that began five months ago or normalize maritime traffic," she noted.

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For us whether we are close to a major diplomatic breakthrough that would resolve the nuclear standoff that began five months ago or normalize maritime traffic, we remain highly skeptical.