President Donald Trump is actively considering a large-scale military operation against Iran that would exceed the scope of strikes carried out during Operation Epic Fury, he told Axios on Thursday. “I am close to making a decision,” Trump said, adding that the United States is “all set” for such an attack. Two US officials confirmed that no final order has been issued to the military, and Trump acknowledged that any decision would carry “consequences.” The remarks come after 12 consecutive nights of US airstrikes on Iranian targets, a campaign that began following the collapse of a June ceasefire memorandum meant to reopen the Strait of Hormuz.

Viewed from Washington, the readiness to escalate reflects an assessment that Tehran has not yet been compelled to change course. Trump stated that Iran “want[s] to negotiate” but has “not received enough pain yet,” framing further military pressure as a precondition for diplomatic progress. He also warned that if Yemen’s Houthi rebels launch further attacks on shipping in the Red Sea, “the US will hold Iran responsible” and inflict “major military punishment.” Iran, for its part, has not accepted the latest mediation proposal, according to two regional sources cited by Axios. Officials in Tehran have accused Washington of violating prior understandings and have vowed an “eye for an eye” response, including strikes on US bases and infrastructure in the Gulf. The spokesman of Iran’s armed forces said retaliation would continue as long as American attacks persist.

The prospect of a widened conflict is reverberating across the region and global markets. Brent crude rose above $100 a barrel after Houthi forces claimed attacks on two Saudi oil tankers in the Red Sea, and Iranian strikes were reported against targets in Jordan, Bahrain and Saudi Arabia. The US has responded with a new deterrence equation: Trump posted on social media that any Iranian attack on a ship in the Strait of Hormuz would trigger destruction of “one bridge or power plant,” even in Tehran. Israel, which Trump said would join an operation “in two minutes if I ask them to,” would nevertheless face “consequences” from Iran, the president noted, underscoring the risk of a multi-front escalation. In Washington, the House of Representatives narrowly passed a resolution requiring congressional approval for military action in Iran, sending a symbolic but pointed signal to the White House. Senatorial consideration of a similar measure is expected, even as public opinion polls show a majority of Americans believe the war was not worth fighting.

Diplomatic backchannels, including efforts by Pakistan and other regional players, remain stalled. One mediator told Axios that Iran is “not being helpful,” and no new ceasefire framework has been accepted. Trump, who said his relationship with Israeli Prime Minister Benjamin Netanyahu remains “very good,” did not indicate a timeline for a decision. The state of the dossier suggests that, barring a sudden diplomatic shift, military pressure will continue to intensify, with the next immediate trigger likely to be the Senate’s debate on war powers and any further incidents in the Red Sea or Strait of Hormuz.