In an interview with Axios, President Trump stated he is seriously considering authorizing a new round of military strikes against Iran that would surpass the scope of Operation Epic Fury. He emphasized, however, that no final decision has been made.

The president described the prospective operation as a "massive attack" that would exceed all previous U.S. military actions against Iran. He indicated he is "close to making a decision" but confirmed that the military, while prepared, has not received any order and no final authorization has been granted. U.S. officials echoed this assessment, saying no decision has been reached at this time.

Trump noted that Israel would join "in two minutes" if invited, but he underscored that the U.S. does not require Israeli participation to execute military action. He also warned that Israel could face consequences — including potential Iranian retaliation — if it became directly involved.

On the diplomatic front, Trump said Iran continues to express willingness to negotiate but has "not received enough pain yet," signaling little expectation of an imminent breakthrough. Regional officials separately indicated that Tehran has not accepted the latest mediation proposal.

The potential military escalation follows nearly two weeks of intensifying conflict centered on attacks against commercial shipping in the Strait of Hormuz, with Iran and U.S.-aligned forces continuing to exchange fire. The Strait of Hormuz is one of the world's most critical energy chokepoints, through which roughly one-fifth of global oil consumption transits daily. Meanwhile, Iran-backed Houthi rebels have expanded their attacks into the Red Sea, targeting Saudi shipping and intensifying pressure on another critical global energy corridor.

Trump also issued a warning on Truth Social, stating that if the Houthis carry out additional attacks on shipping, the U.S. will hold Iran responsible and impose what he termed "major military punishment" on both Iran and the Houthis.

The escalating conflict has driven Brent crude oil prices above $100 per barrel, currently trading at $100.88. WTI crude oil is at $92.67, up 6.75% on the day, fueling concerns over energy markets and the broader global economic outlook. Sustained prices at these levels would add pressure to global inflation dynamics that central banks have been working to contain.

U.S. equities have also reacted sharply. The Nasdaq is down approximately 700 points, or 2.71%, trading within a swing range between 24,993 and 25,109. The index's 100-day moving average stands at 24,686.