Oil prices broke past $95 per barrel on Friday as escalating tensions with Iran disrupted two critical global trade routes, triggering fresh supply fears across energy markets. The surge comes as diplomatic channels appear to have stalled and the conflict continues to claim American lives.
Rubio: Iran 'not ready' for deal
Secretary of State Marco Rubio told reporters on the sidelines of ASEAN meetings in Manila that Iran is "clearly not ready to make a deal" despite what he described as the regime "begging" for negotiations. The comments dashed hopes that a diplomatic off-ramp might emerge from the ongoing confrontation. The Pentagon meanwhile confirmed a third U.S. service member had been killed in an Iranian attack, as the human toll of the conflict continues to mount.
Houthis strike Saudi tankers in Red Sea
Yemen's Houthi rebels escalated the conflict by attacking Saudi oil tankers in the Red Sea, threatening to transform the regional crisis into a wider war. The attacks compound disruptions in the Strait of Hormuz, through which roughly 20% of global oil passes. The dual choke points have sent crude prices climbing sharply, with analysts warning that a sustained blockade could push prices well above $100.
Congress splits on war votes
Democrats in both chambers forced votes on the Iran war authorization, hoping to tie Republican lawmakers to an increasingly unpopular conflict ahead of November's midterm elections. The votes exposed deep divisions within the GOP, with some members breaking ranks to express concerns about the trajectory of the conflict. Speaker Mike Johnson continued efforts to advance a spending package that combines Iran war funding, farm aid, and new voter ID requirements, but faced resistance from both parties.