Jul 22, 2026 – 8.49amLondon | Oil prices surged to their highest level in almost two months after threats from Yemen’s Houthi rebels forced tankers to run around in the Red Sea and US President Donald Trump vowed to hit back hard against the Iranian allies if they entered the war,After a 10th straight day of US airstrikes to break Iran’s stranglehold on the Strait of Hormuz, a vital waterway for transporting oil, Trump said on Tuesday (Wednesday AEST) American forces were also planning to broaden bombing to a nuclear site called Pickaxe Mountain, 220 kilometres south of Tehran.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles