Trump vows to punish Houthis for Red Sea attacks, as oil surges over US$100

The British government stated that it stands ready to defend itself following Iranian comments designating UK bases hosting US forces as legitimate targets in response to US military strikes on Iran. Iranian officials described the UK as an accomplice to US operations, while UK policy has allowed US use of bases such as RAF Fairford and Diego Garcia for what the UK has termed defensive purposes.

Permissions for this arrangement, first granted in March, were extended under the current UK government.

The U.S. House of Representatives passed a concurrent war powers resolution on Thursday by a 214-208 vote, with four Republicans joining Democrats in support. The measure, sponsored by Rep. Pramila Jayapal (D-Wash.), seeks to restrict U.S. military operations involving Iran but carries no binding legal effect as it does not require presidential signature.

The vote occurred amid reported U.S. casualties from joint U.S.-Israel strikes on Iran that began in February.

Oil prices for Brent crude exceeded $100 per barrel on Thursday amid renewed military strikes and fighting in the Middle East that have reportedly disrupted supplies. This followed a period of lower prices after a temporary easing of U.S.-Iran hostilities in June, with the benchmark last reaching that level in May.

Sector representatives, including Miguel Gomez of Cornell University’s Food Industry Management Program, have stated that prior energy cost increases linked to earlier U.S. and Israeli actions against Iran have raised expenses for producers and shippers, with potential effects on consumer prices.

Three oil tankers carrying Saudi crude, identified as the Xin Long Yang, the Rodos, and the Amazon, reportedly reversed course in the Red Sea this week. The vessels’ actions followed a Houthi declaration of a naval blockade on Saudi ports and warnings to shipping companies against loading or discharging cargo there, amid Houthi control of parts of Yemen’s Red Sea coast.

These events have raised concerns over potential disruptions to energy routes, including reported mining activity in the Strait of Hormuz.