Brent jumps nearly 8%, reclaiming the $90 mark after Trump's threat of a forceful strike on Iran

Oil prices surged during Wednesday's trading session after US President Donald Trump vowed to deliver a "powerful strike" against Iran in response to what he described as a surprise attack targeting US forces in the Middle East.

By the close of trading, global benchmark Brent crude futures had climbed 7.9% to settle at $90.74 per barrel, while US West Texas Intermediate (WTI) crude futures rose 6.6% to $84.46 per barrel.

Trump issues warning

Speaking to Fox News, Trump said Iran would receive a "crushing blow" after the Islamic Revolutionary Guard Corps launched ballistic missiles toward US forces, adding, "We will hit them hard."

According to a report by Axios, Iran targeted a US military base in Jordan, while US Central Command (CENTCOM) said it successfully intercepted all of the incoming missiles.

Escalating attacks on oil infrastructure

Iran-backed Iraqi militias launched drone attacks on oil facilities in the Riyadh region and Saudi Arabia's Eastern Province, according to the Saudi Press Agency.

US Central Command later announced that American and Saudi aircraft carried out joint strikes against the militias in response to the attacks.

Meanwhile, Yemen's Iran-backed Houthi movement said it had targeted Saudi oil pipelines transporting crude to the Red Sea port of Yanbu, a key export route that has become increasingly important as shipping through the Strait of Hormuz remains disrupted.

Growing pressure on global oil flows

Analysts believe Iran and the Houthis are seeking to exert greater control over shipping through the Strait of Hormuz and the southern Red Sea, two of the world's most strategically important corridors for global oil exports.

Iran has also continued targeting oil tankers transiting the Strait of Hormuz throughout this month, while the Houthis announced a maritime blockade against Saudi Arabia last week and claimed responsibility for attacks on two tankers in the Red Sea.