President Trump Prepares Potential Strikes Against Iran as Oil Prices Rise Amid Strait of Hormuz Conflict
The administration announced that President Trump is preparing for a fresh round of strikes against Iran as early as this weekend, as hopes for a negotiated end to the war recede and energy prices climb. The conflict, which began on Feb. 28, has caused the Strait of Hormuz to become almost completely closed to traffic, significantly impacting global oil supplies. West Texas Intermediate futures rose over 1% on Friday, while Brent crude futures also gained more than 1% to settle at $90.12. Iran's Islamic Revolutionary Guard Corps reported striking two tankers under U.S. military escort, while Kuwaiti defenses confronted hostile drone attacks. Meanwhile, President Trump gathered his cabinet at the Camp David retreat to chart a path forward for the war. While energy companies like ExxonMobil and Chevron have reported record profits, the ongoing conflict and resulting inflation have complicated the political landscape. The administration announced that President Trump is considering targeted tariffs on Iran to further exert economic pressure, while the war powers resolution to stop the conflict failed to pass in the Senate.