Iran

Oil Crosses $100 Again After Houthi Attack in Red Sea

Is this a result of U.S.-Israel military action or Iran's calculated oil market warfare?

Published 1 hour ago

Houthis Hit Saudi Tankers, Oil Surges 7% Amid Iran War

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Above: The targeting of the commercial vessel named "Eternity C cargo ship" in the Red Sea on July 8, 2025. Image credit: Houthi Media Center/Getty Images

The Spin

Anti-Trump narrative

The Trump's attacks on Iran have hammered working-class Americans at the pump, with gas averaging $4.50 a gallon and diesel up over 50%. Each household has already absorbed nearly $295 in extra fuel costs, with the poorest Americans spending half a week's income just to cover the spike. Oil could hit $200 a barrel by summer, and Trump owns every cent of it.

Glenn Greenwald on X The New York Times

Anti-Iran narrative

Iran is deliberately weaponizing oil markets through its Houthi proxies, first shutting the Strait of Hormuz and now blockading Bab al-Mandeb to strangle Saudi Arabia's only remaining export route. Tehran is betting Trump will flinch as prices top $100 a barrel. This is a calculated pressure campaign by Iran, and caving to it would hand a terror-aligned regime a massive strategic win.

The Wall Street Journal

Jeremy on X