Global oil prices hovered around $100 per barrel. barrel on Friday after Iran rejected a U.S. cease-fire offer, fueling investor concerns that the escalating conflict could curb energy shipments from the region indefinitely.
Claims of attacks on tankers in the Red Sea by the Iranian-backed Houthi militia group on Thursday heightened fears about the flow of oil out of the Middle East. The group has threatened to block Saudi ships taking an alternative route to avoid the Strait of Hormuz.
“From this point forward, any and all damage to ships, cargo or anything related thereto will be paid for by Iranian money that the United States possesses and controls,” President Trump wrote on his social media late Thursday. “These damages can be very significant, but nevertheless this is the just and reasonable thing to do.”
