Trump vows retaliation after Iran’s missile attack on US forces, oil spikes and crypto watches closely

Iran launched a missile attack on US forces stationed in Jordan overnight on July 29, and President Trump responded with what amounts to a promise of war. He told reporters the US would hit Iran “very hard,” a phrase that, regardless of your political leanings, tends to make markets very nervous. Oil prices spiked sharply on the news. What happened and why it matters beyond the battlefield The strike targeted American military personnel in Jordan, catching forces overnight in what Trump described as a surprise attack. This isn’t the first time Iran has gone after US positions in the region. A previous attack in December 2025 targeted US personnel in Syria, making this the second major incident in roughly seven months. Trump’s language left little room for diplomatic interpretation. When a sitting president promises to hit a sovereign nation “very hard,” markets don’t wait for the Pentagon briefing to start repricing risk. They move immediately. Oil prices climbed sharply following Trump’s comments, which is the textbook response to any threat of disruption near the Strait of Hormuz, the narrow waterway through which roughly a fifth of the world’s oil supply passes daily. The crypto...