Oil surges to $100 per barrel. And, Trump imposes a new round of tariffs

President Trump delivers remarks on the Ratepayer Protection Pledge during a roundtable at the Environmental Protection Agency headquarters on July 23, 2026, in Washington, D.C..

Oil surged to $100 per barrel after Iran-backed Houthi rebels attacked two Saudi tankers in the Red Sea. And, President Trump overnight replaced expiring tariffs with a slew of new ones.

(Image credit: Kevin Dietsch)

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