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Trump warns Iran will be hit 'very hard' as oil jumps nearly $3 a barrel

Trump's conditional threat to hit Iran 'very hard' pushed Brent up nearly three dollars a barrel, but the move reflects something larger: a market no longer certain whether the fourteen-point draft memorandum circulating between Washington and Tehran is a deal, a delay, or a renewed war.

A Wall Street Journal mobile screenshot displays a headline reading "Trump Orders Fresh Attack on Iran" with a subhead and byline dated July 31, 2026.
A Wall Street Journal mobile screenshot displays a headline reading "Trump Orders Fresh Attack on Iran" with a subhead and byline dated July 31, 2026. @disclosetv · Telegram

Desk note: Monexus framed this story around the divergence between Trump's conditional threat and Araghchi's insistence that the memorandum is close but incomplete, instead of running the wire's strike-or-no-strike binary. The wire emphasised the inflammatory Trump quote; we anchored on what the oil tape was actually pricing.

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