'2 weeks, 2 years': Trump says US can bomb Iran for years, then warns of another Great Depression

The U.S. military stated it conducted strikes on Iran on Wednesday under presidential direction, extending a reported series of attacks. Yemen's Houthi authorities announced a naval blockade on Saudi Arabia and claimed missile and drone strikes on two oil tankers, Encelia and Layla, in the Red Sea; a maritime source reported one vessel issued a distress signal near Jizan.

Multiple tankers changed course in the area, according to tracking data, while analysts have linked related shipping risks to oil price movements.

Yemeni Houthi forces claimed to have struck two Saudi oil tankers, named Encelia and Layla, with missiles and drones in the Red Sea on Wednesday for violating a blockade. The UK Maritime Trade Operations reported that the master of a tanker approximately 70 nautical miles southwest of Al Shuqaiq described an impact from an unknown projectile that caused a fire.

The United States conducted further strikes on Iranian military targets on the twelfth consecutive night, amid statements from both sides regarding potential responses to incidents in the Strait of Hormuz.

Oil prices rose on Wednesday, with Brent crude surpassing US$95 per barrel for the first time in nearly six weeks amid US-Iran strikes, before paring some gains while remaining up around three percent. Maritime tracking data showed at least nine ships reversing course from the Bab al-Mandab strait after Houthi rebels announced a blockade of Saudi ports, including vessels that had loaded at the Yanbu terminal.

US equity markets registered a muted response, with the S&P 500 falling 0.1 percent.

US President Donald Trump stated on July 22 that he would order strikes on Iranian bridges or power plants in response to any attacks on ships in the Strait of Hormuz. The remarks came amid Houthi threats to disrupt shipping through the Bab el-Mandeb Strait, prompting some tankers to alter course in the Red Sea, and followed Iranian warnings, reported via state media, of retaliatory targeting of regional energy infrastructure.

Oil prices rose to a near six-week high amid the developments.