Oil prices jumped on Thursday. Brent crude topped $100 a barrel. The cause was one man. President Donald Trump said he is close to ordering a massive strike on Iran.

Reportedly, he told Axios he has not made a final call. But he says everything is ready. His decision could push oil even higher.

Trump’s Decision Could Push Oil Prices Higher

Trump said any new attack would be bigger than the last one. That earlier US campaign was called Operation Epic Fury. He said a decision is close, but not final.

“I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it,” Axios reported.

The fight has grown over the past 12 days. The US wants to stop Iran from hitting ships in the Strait of Hormuz. About 20 million barrels of oil pass through that narrow route each day. That is close to a fifth of the world’s supply, the US Energy Information Administration (EIA) says.

The two sides had stopped fighting under a late-June truce. But tensions came back this month. US officials say no strike order has been given yet.

Iran-backed rebels in Yemen, the Houthis, have started hitting Saudi ships in the Red Sea. That puts a second oil route at risk, the Bab el-Mandeb strait. It handles millions of barrels a day too, EIA data show. Trump wrote on Truth Social that he would blame Iran for more attacks.

A bigger strike could block these oil ships and push prices up fast. The same thing happened on July 8. Bitcoin (BTC) fell below $62,000 and oil jumped when Trump ended an earlier deal with Iran.

For now, US crude sits near $93. Brent, the main global price, stays above $100. A full war would be very unpopular in the US.

Bitcoin Falls as Traders Play It Safe

Bitcoin fell about 2% in a day. It now trades near $64,755. It has barely moved over the past week.

The pioneer crypto has been stuck near $65,000 for weeks. However, crypto often falls when oil jumps on Middle East fears. Some traders had shrugged off Iran tensions earlier in July. Thursday’s threat changed that.

Trump set no deadline. So markets are left guessing. His next move will steer both oil and Bitcoin.

Source: BeInCrypto