Trump's oil price promise was just struck by Houthis defying Hegseth

President Trump posted on Truth Social that oil and gas prices would fall ‘precipitously’ once the U.S. defeats Iran, forecasting $3 gasoline and eventually under $2. U.S. gas currently averages north of $4 a gallon and diesel nears $6, a real problem for Republicans ahead of the midterms. That same night, Houthi attacks hit civilian and economic sites in southern Saudi Arabia, wounding 73 people and setting fires at oil facilities that suspended operations.

The timing complicates Defense Secretary Pete Hegseth's July 31 claim that Houthi absence from the Iran war showed they had ‘felt the weight of American power.’ Saudi Arabia has been routing more exports through the Red Sea's Bab el-Mandeb strait to reduce reliance on the Strait of Hormuz, but that route also runs through Houthi range. Brent crude rose 1.2% to $97.40 after the latest strike.

The full dispatch is available from the source below.