Trump says he is weighing a 'massive attack' on Iran and is close to a decision

US President Donald Trump said on Thursday, July 23, 2026, in an interview with Axios that he is considering a "massive attack" on Iran that he said would be "bigger than ever before," adding that he is close to making a decision. The remarks came after Yemen's Houthis said they had struck two Saudi oil tankers in the Red Sea, while tensions in the Strait of Hormuz continued.

Global oil markets reacted to the developments. Brent crude rose for a fifth straight session on Thursday to around $100.65 per barrel, its highest since May 22, while West Texas Intermediate reached about $92.4. The rally put Brent on track for a monthly gain of roughly 35%, one of its largest monthly jumps in a decade.

Strait of Hormuz developments feed directly into Iran's markets through global oil prices and the exchange rate.