Global oil prices surged sharply as tensions escalated between the US and Iran, with President Trump threatening ground operations to seize Iranian oil resources. Benchmark US crude jumped $1.95 to $101.59 per barrel, while Brent crude soared $3.41 to $115.98 per barrel.
Iranian forces struck a Saudi air base, destroying a vital US E-3 Sentry AWACS aircraft worth approximately $700 million and wounding 10 American service members. Thirteen US personnel have been killed since the conflict began, with over 300 wounded.
Iranian missile attacks hit an oil refinery in Haifa, Israel, amid continued strikes from Tehran and its proxy forces Hezbollah in Lebanon and Houthis in Yemen. Iran has effectively shut down the Strait of Hormuz, through which 20% of global oil flows.
Trump claimed the US has already achieved "regime change" in Iran, citing killed Iranian leaders, and suggested a deal could emerge soon. Tehran dismissed diplomatic overtures as "excessive and unreasonable" and warned it awaits US ground forces to "set them on fire."