Oil extends gains as Trump threatens further Iran strikes

Oil shipments through the Strait of Hormuz have rebounded to about two-thirds of their pre-war levels, according to a report by Bloomberg citing Goldman Sachs. This significant recovery marks a stark contrast to the chaos in the waterway earlier in the conflict, when Iran's threats, attacks, and minelaying activities disrupted global energy supplies.

Despite ongoing tensions and military exchanges between the United States and Tehran, oil flows have stabilized, though they remain below pre-war volumes. Meanwhile, US Army Secretary Dan Driscoll has resigned after an 18-month tenure, citing reported friction with Defence Secretary Pete Hegseth over control of Army policy and modernization agendas.

Driscoll's departure adds to a series of high-profile Pentagon resignations under Hegseth, raising questions about civilian oversight and the stability of the US military. President Donald Trump cautioned that US strikes against Iran were "very limited" but hinted at the possibility of further military action if Iran poses a threat to regional security or shipping in the Strait of Hormuz.