Trump threatens ‘very powerful’ attack on Iran after missile salvo; oil jumps 6%
President Donald Trump pledged a “very powerful” US response after Iran’s Revolutionary Guards fired ballistic missiles at an American base in Jordan. All five missiles were intercepted, but oil prices surged 6%.
Missile attack on US forces
On Tuesday, July 28, at 17:45 EDT, the Islamic Revolutionary Guard Corps launched multiple ballistic missiles from Iran toward US forces in the Middle East, the US Central Command reported. The target was an American base in Jordan, according to Axios. All five missiles were intercepted by US defenses. Trump said he watched a recording of the operation in real time, with coordinates fed to defenders to ensure none penetrated.
They tried to shoot recently, we had five missiles traveling at 8,500 miles per hour and all five missiles were shot down.
The attack was the first Iranian missile strike on a US base since Friday, when Trump halted daily strikes on Iran to give negotiations another chance after mediating states requested a pause.
Trump’s threat of “very powerful” retaliation
Speaking to Fox News on Wednesday, Trump said the US would respond with overwhelming force: “We will set this straight. In the meantime, we will hit them very hard. They know it’s coming.”
He added, “Now it’s our turn and we’ll see if at some point we come to an agreement. But we will hit them very hard.” Trump emphasized that the IRGC attempted a surprise attack, leaving US forces only minutes to intercept. He also used cruder language: “We’ll kick their asses. We will hit them with full force. They will get a solid beating.”
The president spoke in the Oval Office during an event announcing a $22 billion renovation of Dulles International Airport. He also mentioned his Tuesday meeting with Ukrainian President Volodymyr Zelensky, calling it good and telling him to end the war.
Oil markets surge
Oil prices jumped sharply after Trump’s remarks. Brent crude rose 6% to $87 a barrel, while WTI climbed 6.6% to $84.5, around 15:30 Warsaw time on Wednesday. Later in the day, Brent approached $90, up nearly 7%. The spike reversed a three-day decline that had been fueled by hopes of a diplomatic breakthrough.
We remain highly skeptical that we are on the verge of a significant diplomatic breakthrough that would resolve the nuclear crisis – which is the cause of the conflict that began five months ago – or allow normalisation of maritime traffic.
Persistent restricted flow of crude and a tightening global energy market continue to favour further oil price increases.
McKay also noted that markets had been too quick to price in peace, given Iran’s insistence on control over the Strait of Hormuz.
- IRGC launches multiple ballistic missiles at US base in Jordan; all five intercepted.
- US-Saudi warplanes strike pro-Iranian militia positions across Iraq, killing 20 including five Iranian advisors.
- Drone strikes a gas storage ship in Damietta, Egypt, spreading fire to another vessel.
- Trump threatens ‘very powerful’ retaliation in Fox News interview; Brent crude jumps 6% to $87/bbl.
US-Saudi strikes kill 20 in Iraq, including Iranian advisors
Overnight Tuesday to Wednesday, US and Saudi warplanes bombed positions of pro-Iranian militias in Iraq in retaliation for attacks on American troops and Saudi energy infrastructure. The Popular Mobilisation Forces, a coalition of Shiite groups, reported that at least 20 members were killed and 32 wounded across various bases. AFP, citing two sources within the Tehran-backed PMF, said five of the dead were Iranian military advisors.
The PMF is formally part of Iraq’s security forces but is largely trained and commanded by the IRGC. Several of its groups belong to the Islamic Resistance, an explicitly anti-American network that has launched hundreds of strikes on US forces since the war began on February 28.
Drone attack on gas ship in Egypt
On Wednesday, a drone struck a gas storage ship in the Egyptian port of Damietta on the Mediterranean. The vessel caught fire, and flames spread to a neighboring ship. Neither Egyptian authorities nor media identified the drone’s origin, and no group claimed responsibility. Trump said he had been briefed on the incident and linked it to Iran, promising to “set this straight.”
Sanctions push
Trump wants to add a provision on Iran-related tariffs to a pending Russia sanctions bill. The Senate voted on Tuesday to advance the bill, named after the late Senator Lindsey Graham who died July 11. It authorises the president to impose tariffs up to 100% on the top five buyers of Russian oil and gas, targets Russia’s shadow fleet, and expands Iran sanctions. The bill must still clear the Senate and the House, which resumes in September.
