Trump issues new deterrent threat
President Donald Trump warned Iran on July 22 that the United States will destroy a bridge or power plant for each Iranian attack on shipping in the Strait of Hormuz, marking a new phase in the months-long conflict. Speaking from the White House, Trump said the US would impose "immediate and disproportionate" retaliation for any further disruption to the critical waterway.
Oil markets react sharply
Oil prices rose more than 1.5% on Thursday, reaching their highest levels in more than six weeks, as renewed US strikes on Iran and Houthi attacks on oil tankers in the Red Sea heightened concerns about global energy supplies. The US has moved forces, weapons, and medics to the Middle East to give commanders broader military options, according to the Wall Street Journal.
Diplomatic stalemate deepens
Secretary of State Marco Rubio warned Asian leaders at ASEAN meetings that Iran's demands over the strait would set a dangerous precedent. Iran's Revolutionary Guards have claimed responsibility for strikes on two supertankers transiting Omani waters. The conflict, which began with Operation Epic Fury in February 2026, has shifted to a game of brinkmanship over the world's most oil passageway, through which about 20% of global petroleum passes daily.