Oil prices surge after Trump vows to escalate Iran strikes, allies discuss Strait of Hormuz

President Trump vowed to escalate strikes on Iran, saying he will hit Iran extremely hard over the next two to three weeks. Global oil prices jumped sharply as markets reacted to the threat. Allied governments are meeting to discuss securing the Strait of Hormuz and protecting maritime traffic. The developments raise the risk of a wider Gulf conflict and major disruptions to oil supply and global markets.