Oil prices rise as Trump warns of ‘very hard’ strikes against Iran
President Trump has escalated his threats against the Iranian regime, announcing on social media that the US will hit Iran “very hard” tonight if a peace deal cannot be reached.
In a post on his Truth Social platform, the US President suggested that American forces could take Kharg Island, a crucial oil export artery for Iran.
Trump likened incoming strikes on Iran to the operation in January which removed the Venezuelan dictator Nicolas Maduro.
He wrote: “At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela, which is working out brilliantly for both Venezuela and the United States of America.”
There have already been reports from Iranian state television of explosions heard near the Strait of Hormuz, which remains blocked off.
Oil prices have risen by around $2 in the wake of these threats, up to just over $94 a barrel before slipping slightly back down.
Britain left exposed with no defence secretary
This latest geopolitical convulsion comes at a fraught time for the government, which has been left without a defence secretary following the resignation of John Healey.
Healey, who had been previously considered loyal to Keir Starmer, quit with a scathing letter to the Prime Minister in which he wrote that the highly-trailed Defence Investment Plan (DIP) “falls well short of what is required for defence and the country at this dangerous time”.
Labour’s newest backbencher added that the Treasury has been “unwilling to commit the resources that the nation needs to defend the country at this time of rising threats”, in a fresh blow to Rachel Reeves.
Sir Keir Starmer’s authority has taken another major hit, especially given that defence and national security has been a point of relative reputational strength for the PM – which had been one of the strongest arguments from his supporters to keep him in place.