Trump Threatens Iran Targets Over Strait of Hormuz Attacks; Crude Prices Hit 6-Week High

President Donald Trump threatened on Wednesday to destroy Iranian bridges and power plants in retaliation for any attacks on ships in the Strait of Hormuz. "Any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy one bridge or power plant," Trump posted on Truth Social, following reported attacks by Iran's Islamic Revolutionary Guard Corps on U.S. assets in Jordan.

The threat coincided with crude oil prices surging to their highest levels since June 10. U.S. West Texas Intermediate futures for September delivery rose 3.2% to $87.04 per barrel, while Brent crude futures gained 3.44% to $94.14 per barrel. Analysts at ING Think noted that Brent crude may be undervalued given Middle East disruptions and Kazakhstan's halted oil shipments to Russia's CPC terminal.