Trump Orders New Iran Strikes, Oil Surges Past $90

President Donald Trump has ordered a new round of military strikes against Iran, according to U.S. officials who spoke on the condition of anonymity on July 31. The strikes are intended to force Tehran to "surrender" and return to negotiations. Military action could begin as early as this weekend and may last several days, targeting Iranian energy infrastructure including power plants and oil refineries. The news broke after U.S. markets closed, igniting a surge in crude oil prices during electronic trading. WTI crude jumped 3.84% to $86.80 per barrel. Brent crude spiked nearly 5%, briefly touching $91 per barrel. The escalation comes after Iran's Islamic Revolutionary Guard Corps claimed it attacked two oil tankers under U.S. military escort as they attempted to transit the Strait of Hormuz. Iranian state media reported that four additional tankers were forced to turn back. The U.S. and British agencies monitoring Middle East maritime traffic have not confirmed the attacks. Iran has declared the Strait of Hormuz closed to passage due to what it called "U.S. aggressive actions." The U.S. Central Command denied the closure, stating the strait remains open to commercial ships. However, shipping data shows a significant decline in the number of vessels passing through the strategic waterway. The Strait of Hormuz is a critical chokepoint for global energy supplies, handling approximately one-fifth of the world's oil flows. Chevron CEO Mike Wirth warned that supply risks are no longer limited to the strait. Global crude inventories are falling, and Yemen's Houthi rebels have announced a naval blockade on Saudi Arabia while attacking tankers in the Red Sea. "The current situation is under tremendous pressure, and that pressure is likely to continue," Wirth said. "There is less and less time for the market. Every day the situation drags on, it becomes more difficult." Exxon Mobil CEO Darren Woods said the strait must eventually reopen because the global e