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

Yemen’s Houthis stated on Thursday that they had struck two Saudi oil tankers in the Red Sea after declaring a naval blockade earlier in the week, with global oil prices subsequently rising above $98 per barrel. Iranian authorities reported firing four missiles toward Jordan on Thursday, three of which were intercepted, while also stating that US strikes at an Iraq border crossing had killed two people; US Secretary of State Marco Rubio and Iranian officials exchanged statements referencing reciprocal policies, and US President Trump indicated that infrastructure targets would be struck in response to attacks on shipping in the Strait of Hormuz.

The UK Foreign Office advised against non-essential travel to Kuwait and Bahrain citing regional instability and temporarily withdrew staff from Iran, while reports indicated that insurers were considering cancellation of policies for vessels paying tolls to Iran.

US strikes on targets across Iran have continued for 12 consecutive nights. Iranian authorities reported halting three oil tankers in the Strait of Hormuz and released video footage described as showing missile and drone launches toward US bases in Jordan, while warning of retaliation for any strikes on civilian infrastructure; at least nine vessels turned back near the Bab el-Mandeb Strait following warnings from Iran-backed Houthi forces, who separately declared a naval blockade against Saudi Arabia after an attack on Sana'a airport.

Iran’s army spokesperson said retaliatory attacks would continue while US strikes on infrastructure persist, according to state media. Houthi forces claimed strikes on two Saudi oil tankers and a blockade of Saudi ports, while Jordan and Kuwait reported intercepting incoming strikes.

The US conducted further strikes on Iranian targets, with President Trump stating that US forces would respond to attacks on shipping in the Strait of Hormuz.

Prior to recent conflicts involving Iran, roughly 15 million barrels of oil per day transited the Strait of Hormuz. Multiple Gulf states have initiated or discussed at least seven pipeline projects to redirect supplies toward the Red Sea, Suez Canal, and Gulf of Oman, with some construction underway according to officials and industry sources.

These plans reference prior infrastructure, including a Saudi pipeline built in the 1980s, amid reported disruptions such as Houthi restrictions on Red Sea shipping.