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The Economic Times

Economy / The Economic Times

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Trump threatens 'major military punishment' after Houthi strike on Saudi tankers

President Trump vowed major military punishment for Iran and its Houthi allies. Houthi fighters struck two Saudi oil tankers in the Red Sea. Global oil prices surged significantly after the attacks on shipping routes. Iran also reported missile strikes on U.S. military sites in Jordan and Kuwait. These escalating events raise fears of wider economic disruption and conflict.

24 Jul 2026 6:17 am