Trump threatens Iran and Houthi rebels with ‘major military punishment’

The United States launched a fresh wave of strikes on Iranian military targets early Friday, July 24, marking the 13th night of active combat in the region as President Donald Trump vowed to use frozen Iranian assets to pay for any damage to shipping.

Washington: Oil is trading at above $US100 for the time since the last phase of the Iran war after Houthi rebels fired at two Saudi oil tankers in the Red Sea, prompting US President Donald Trump to warn of bigger strikes against the Iranian regime and its surrogates.

Global oil prices on Thursday crossed $100 a barrel for the first time since May, after Houthi militants in Yemen claimed to have struck two Saudi tankers in the Red Sea.

The U.S. president did not specify what types of incidents would qualify for cases to use Iranian assets.