Houthi strikes on Saudi tankers push oil to $99/bbl; Trump threatens retaliation

Oil prices jumped to $99 a barrel after Houthi terrorists struck two Saudi oil tankers in the Red Sea yesterday. According to The New York Times, the attacks "threatened to broaden the conflict by creating a second choke point on global shipping, in addition to the Strait of Hormuz, which Iran has effectively closed."

Trump Escalates Rhetoric

President Donald Trump issued a warning on Truth Social:

"From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran."

However, since the Houthis are not Iran (though backed by them), and the attack occurred in the Red Sea rather than the Strait of Hormuz, yesterday's strike likely does not meet the threshold for U.S. bombing. Still, the threat to a second shipping corridor—the Bab al-Mandab Strait—is a troubling development that could push oil prices even higher.

Military Threats Against Iran

The Wall Street Journal reports that Trump said U.S. military forces would likely attack Iran's Pickaxe Mountain—an underground site where Israeli intelligence believes Iran has buried advanced nuclear-enrichment centrifuges—"pretty soon."

These threats follow Iran's missile and drone attacks on U.S. bases in Jordan, which killed three soldiers in their containerized housing units. A fourth servicemember was killed last week in Iraq during a controlled detonation of unexploded ordnance from a downed Iranian drone.

Shifting Public Opinion on the War

Support for the conflict is declining, even among Trump's base:

• Half of President Trump's MAGA base thought Iran's war was worth its economic costs in May
• Just over a third say the same now, according to Politico
• 37 percent of self-identified MAGA Trump voters say the U.S. should continue involvement only if costs don't increase (up from 29 percent in May)
• Nearly 1 in 5 MAGA voters believe the U.S. should end its war in Iran regardless of costs

The survey was conducted by independent polling firm Public First.

New York City Efficiency Proposals

The Commission on Government Efficiency, formed by the mayor in January, has proposed five ballot questions for November's election:

• Expedite street safety project timelines by 33%
• Simplify permitting for outdoor dining
• Shorten city contracting and procurement processes
• Fast-track projects on city-owned land
• Simplify building permit processes
• Create targets for rainy day fund contributions

Quick Hits

• Florida: Fish and wildlife officials used law-enforcement tools to investigate citizens who criticized the agency, reports Scott Maxwell for The Orlando Sentinel.

• Supreme Court: The Court agreed to hear Grand v. City of University Heights, which asks whether the government can require a homeowner to obtain a permit before inviting friends to his house for prayer. The case involves an Orthodox Jewish minyan in Ohio, where a city official ordered Daniel Grand to "immediately cease and desist" using his home as a "place of religious assembly" after a neighbor complained.