Trump warns Iran of 'f***ing s***' beating after 'surprise' strikes

President Donald Trump has vowed severe retaliation against Iran following "surprise" strikes on U.S. forces in the Middle East. Trump told Fox News that Iran would "get a beating" and that U.S. forces had only minutes to react to the missile attacks, though they were intercepted before reaching their targets.

The escalation in hostilities ended a days-long unofficial pause in strikes between the two nations. In response to the Iranian strikes, the U.S. has already launched retaliatory assaults against Iran-backed proxies in Iraq, a move that was communicated to the Iraqi government beforehand. Trump described Iran-backed militias as a "cancer on the world" and indicated that further strikes against these groups were under consideration.

The renewed tensions have impacted oil markets, with Brent crude, the international benchmark, rising more than six percent to $89 per barrel. Earlier in the week, oil prices had fallen as low as $83 amid hopes for de-escalation and ongoing negotiations concerning passage through the Strait of Hormuz. Susannah Streeter, chief investment strategist at Wealth Club, noted that the flare-up dashed hopes for a resolution and raised concerns about energy supply from the Middle East.

In London, shares of oil majors BP and Shell saw gains, rising over three percent and 2.5 percent respectively, driven by the increase in oil prices. The FTSE 100 index reached a record high in early trading. However, U.S. markets opened lower, with the tech-heavy Nasdaq shedding 0.6 percent and the S&P 500 losing 0.4 percent as investors reacted to the heightened geopolitical tensions.