Trump Weighs Wider Iranian Attacks With New Truce Still Elusive

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessTrump Weighs Wider Iranian Attacks With New Truce Still ElusivePresident Donald Trump said he’s considering a “massive attack” on Iran to push the nation to negotiate a peace deal, raising the prospect of even higher energy prices that have already rattled economies.Author of the article:Courtney Subramanian and Eltaf Najafizada You can save this article by registering for free here. Or sign-in if you have an account.g}qjq27{d310046[np7atm68_media_dl_1.png US Central Intelligence Agency,(Bloomberg) — President Donald Trump said he’s considering a “massive attack” on Iran to push the nation to negotiate a peace deal, raising the prospect of even higher energy prices that have already rattled economies.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTrump told Axios in an interview that he was “close to making a decision” on attacks that would be “bigger than ever before.” Iran isn’t ready to make a deal and “they haven’t received enough pain yet,” Trump was reported as saying.The president’s remarks underscore the bind he finds himself in after renewed fighting caused an interim peace deal to collapse and all but closed the Strait of Hormuz. In a Truth Social post Thursday, Trump threatened “major military punishment” on Iran and the Houthi militant group it backs in Yemen if they target commercial ships. The Houthis claimed strikes on Saudi oil tankers this week, opening a new front in a conflict that has driven oil prices above $100 a barrel and US retail gasoline prices over $4 a gallon.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againMediation efforts faltered after Iran on Thursday rejected a ceasefire proposal from Trump carried to Tehran by Iraq’s prime minister, the New York Times reported, citing Iranian and Iraqi officials. Details of the plan were not clear, the newspaper said.US Central Command said Thursday it launched a 13th consecutive night of strikes intended to degrade Iran’s ability to attack commercial shipping in Hormuz.The strikes came hours after the US president warned “that from this point forth, any and all damages done to Ships, Cargo, or anything related thereto, will be paid for by Iranian Money that the United States has in its possession, and controls.” The US has about $2 billion of blocked Iranian funds inside its borders. A much larger portion is in other countries and is prevented from being transferred by US sanctions — estimates vary from $24 billion to more than $100 billion. Iranian Foreign Minister Abbas Araghchi said in a post on X that “seizing another nation’s assets to pay for unrelated future claims is an incendiary precedent.”The war that began when the US and Israel attacked Iran in February has entered a new phase of escalation after last month’s truce collapsed. The fighting remains less intense than at its peak, but Iran has threatened to target regional infrastructure, including energy sites, if Trump carries out his threat to destroy one bridge or power plant each time Tehran attacks shipping in Hormuz. Traffic through the strait, which before the war carried about one-fifth of global energy supplies, has slowed to a trickle. The Houthis’ actions this week threaten another maritime chokepoint, with some vessels already avoiding the Bab el-Mandeb Strait. Still, two China-owned oil tankers loaded with Saudi crude have exited the Red Sea via the strait.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Brent crude was trading at $100.30 a barrel as of 6:11 a.m. in London on Friday, compared with as low as $70.14 on July 2. Gold extended its drop to $4,030.10 an ounce on expectations that the US Federal Reserve may tighten monetary policy to contain inflation.Trump last month cited the risk of a global economic crash as a key reason for him agreeing to a truce. He faces growing political pressure before November’s midterm elections, with Republicans struggling to retain control of Congress. Polls show the war isn’t popular. The House of Representatives on Thursday passed its second resolution calling on Trump to stop the war, although the measure is largely symbolic.Iranian state TV reported a strike on the passenger terminal at the Shalamcheh border crossing with Iraq that killed two people, while Iran has continued attacks on US bases in the region, including in Kuwait and Jordan.The Houthis, part of Tehran’s so-called Axis of Resistance, control much of northern Yemen, including Sanaa and the Red Sea port of Hodeida. They have repeatedly disrupted Red Sea shipping since 2023 with drone and missile attacks launched after Israel’s war against Hamas began in Gaza. Trump ordered airstrikes against the group last year before ending the campaign after a partial truce.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.