Oil prices rose today to their highest levels in nearly two months after the latest Iran war escalation threatened severe new disruptions to global energy supplies, Steve Kopack writes.
Brent crude oil, one of two key global benchmarks, closed higher by 7% at $100.69 per barrel. Earlier in the trading day, it rose as high as $102 per barrel. That is its highest level in eight weeks, since the end of May.
U.S. crude oil also jumped for a second straight day, closing higher by 6.2% at $92.19 per barrel — its highest close since June 4.
The new surge in prices comes after Tehran-backed Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea following their announcement of a naval blockade on the kingdom.
It appeared to mark the first time since the Iran war began that ship attacks had spread beyond the vicinity of the Strait of Hormuz, opening up a new front in the volatile conflict.
On Capitol Hill: The House approved a nonbinding proposal to end the Iran war, Sahil Kapur, Kyle Stewart and Frank Thorp V report. Four Republicans joined all Democrats to cast decisive votes for the measure: Reps. Thomas Massie, R-Ky., Tom Barrett, R-Mich., Warren Davidson, R-Ohio, and Brian Fitzpatrick, R-Pa.
But the Senate voted to reject a joint resolution to end the Iran war that would have the force of law, unlike the House version, though it would be subject to a presidential veto. One Republican, Sen. Susan Collins, R-Maine, joined every Democrat except Sen. John Fetterman, D-Pa., in voting to advance the measure. Four Republicans didn’t vote: Sens. Katie Britt, R-Ala., Mitch McConnell, R-Ky., Lisa Murkowski, R-Alaska, and Rand Paul, R-Ky.
The votes in both chambers were pushed by Democrats eager to get Republicans on the record about an unpopular war ahead of the midterm elections and to reassert Congress’ role as the branch of government responsible for declaring war.
Multiple Senate Republicans have said the war should not go on for more than 60 days without congressional approval in order to comply with federal law. They include Sen. Thom Tillis, R-N.C., and Sen. John Curtis, R-Utah, but both voted against today’s resolution.
Asked why, Tillis said the 60-day clock started this month, not back in February when Trump and Israel first launched strikes on Iran. “July 10, to my knowledge, is the first time I heard anyone in the administration refer to it as a war,” Tillis said, adding that it would be important for Congress to authorize the war once 60 days are up.
“The clock is ticking. We got to get serious about that,” Tillis said. “I think politically, we can help the president with an unpopular war right now if we provide some legitimacy to it.”
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