strikeJul 22, 2026

More Red Sea chaos, as Trump repeats retaliation threat

Summary

Four more tankers have changed course in the Red Sea after Iran-aligned Houthis in Yemen threatened the southern route out, highlighting a new risk to global oil supplies from the intensifying war between the US and Iran. US Secretary of State Marco Rubio said Iran was not serious about peace talks, and Pakistan, which has been mediating, condemned the disruption to a second critical energy route, where three tankers turned around on Tuesday. Both Rubio and Pakistan said they still backed the idea of negotiations. The Houthis' threat on Tuesday to Saudi oil shipments heading south to the Bab el-Mandeb Strait past areas of the coast they control comes on top of Iran's near-total blockade of the Strait of Hormuz in the Gulf. Oil prices rose to a near six-week highs. President Donald Trump threatened on social media to destroy a bridge or power plant in Iran any time Iran shoots at a ship in the Strait of Hormuz. US strikes have already widened from the south to western and central areas of Iran in recent days. An Iranian health ministry official said 53 civilians had been killed and 592 wounded this month. The US says it never targets civilians. Iran had strengthened its military in anticipation that its adversaries would break agreements, Army Commander-in-Chief Major General Amir Hatami said. Iranian media also cited parliamentary National Security and Foreign Policy Committee spokesperson Hasan Qashqavi as saying Trump was in a "quagmire". Millions of barrels of Saudi oil per day have been heading to Saudi Arabia's Red Sea port of Yanbu to avoid the Strait of Hormuz. If shipments cannot pass through the Red Sea's southern Bab el-Mandeb Strait, they have only the northern route out via the Suez Canal, which adds weeks to the journey. Iran has hit vital water desalination and energy plants in Kuwait and says it has targeted US military assets there and in Bahrain and Jordan. Rubio said the US would protect its interests. "The problem we're having right now is that they're not serious about talks. If they're serious, we're serious. If they're not, then we will do what's necessary to protect our interests, and also the interests of our allies," he said at a meeting of Southeast Asian foreign ministers in Manila. Mediators have presented Iran with a proposal for a 10-day ceasefire, a senior Iranian official told Reuters on Monday. Analysts said the new threat to shipping from the Houthis on Tuesday was a tactical move by Iran. The proposal aims to salvage an interim ceasefire agreement signed by Washington and Tehran in June. Iran's Interior Minister Eskandar Momeni visited Pakistan this week and asked it to continue its mediating efforts. Pakistan said on Wednesday that it would, but that the safety of shipping must be assured. Iran has insisted on maintaining control over the Strait of Hormuz that it established during the war launched by the US and Israel on February 28. Rubio said allowing such control would set a dangerous precedent for the world, including Southeast Asia, where many countries have territorial disputes with China in the South China Sea. The war has killed thousands of people and Iran's restrictions on energy shipments from Gulf states have driven inflation worldwide. In the 11th straight night of US bombing of Iran, Tehran residents reported explosions in the early hours of Wednesday from air defences activated over the capital, Iran's semi-official Fars news agency said. Three locations in Iran's Bushehr province, home to Iran's only nuclear power plant, were hit, an official told Iran's state news agency IRNA, including an electricity post close to the plant. Iranian media also said the United States targeted locations in Kabudarahang county in the central Hamadan province, giving no details. Iran's army said it struck the US Al Azraq Air Base in Jordan, targeted warehouses and aircraft maintenance hangars at Sheikh Isa Air Base in Bahrain, and also targeted Camp Doha in Kuwait. Trump said earlier that 18 US service members had been killed in the war so far, including four in Iranian attacks on US military bases in Jordan and Iraq over the last few days.

Actors involved

USIsraelIranProxyChina

Sources

Staff Writers Reuters PremiumBy Staff Writers Reuters Premium
Four more tankers have changed course in the Red Sea after Iran-aligned Houthis in Yemen threatened the southern route out, highlighting a new risk to global oil supplies from the intensifying war between the US and Iran. US Secretary of State Marco Rubio said Iran was not seriou…

See this event through different lenses

Compare how Western, Iranian, Israeli, Global South, and Pro-Peace perspectives frame this event.

Compare Perspectives

Community Notes

Loading notes...

Related events

Jul 23, 2026strikeUnverifiedUSIsraelIran

Trump says considers massive attack on Iran — Axios

○ 1 source

WASHINGTON, July 23. /TASS/. US President Donald Trump is currently exploring carrying out a massive offensive on Iran with strikes being harder than before, according to Axios. "I am considering a massive attack. Bigger than ever before. I am close to making a decision.

We are all set for it," he said According to Trump, Israel "would join in two minutes if I ask them to." However, he added that Washington does not "need anyone" for a new military operation. It is noted that Trump did not specify any deadline for a decision to return to a full-scale war with Iran.

The United States and Israel started a war with Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon. However, on the night of July 8, the United States resumed large-scale strikes against Iran, accusing it of violating the agreements on the Strait of Hormuz.

CurrentsAPI

Jul 23, 2026strikeUnverifiedUSIranProxyChina

Dollar Rises on Houthi Tanker Attack and Higher Oil Prices

○ 1 source

The dollar index (DXY00) is up +0.37%. The dollar is finding support from strong US interest rate differentials, as the 10-year T-note yield rose by +5 bp and posted a new 1.5-year high amid today's surge in oil prices of more than +5%. The dollar is also seeing support from today's US unemployment claims report, which showed a slightly stronger US labor market than market expectations.

The dollar is also seeing safe-haven demand after the Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers in the Red Sea, expanding the oil disruptions beyond the Strait of Hormuz and threatening oil shipments in the Red Sea.

The Houthis have vowed to blockade shipping linked to Saudi Arabia and warned shipowners against calling at the nation's ports. The move threatens Saudi oil exports from Yanbu, a Red Sea hub that the Saudi's are using to ship crude since the war brought shipping through the Strait of Hormuz to a near halt.

President Trump said Tuesday that if there is a blockade in the Red Sea, the US "will take care of it." Meanwhile, the US and Iran exchanged attacks for the 12th straight day, and the US maintained its blockade of Iranian oil shipments in the Persian Gulf.

Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily. The markets are discounting a 36% probability of a +25 bp rate hike at the next FOMC meeting on July 28-29. EUR/USD (^EURUSD) is down -0.39% on dollar strength.

However, the euro has underlying support as the 10-year German bund yield today edged to a new 15-year high, illustrating the impact of rising oil prices and inflation fears. The ECB today left its key deposit rate unchanged at 2.25%, in line with market expectations.

The ECB said it left rates unchanged, awaiting further data to determine whether additional rate hikes are necessary to address the inflation outlook. However, ECB President Christine Lagarde said, "Risks to the inflation outlook are to the upside." The markets are discounting a 93% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.

USD/JPY (^USDJPY) is up +0.47% on dollar strength. The yen today fell to a new 39-year low against the dollar, raising the risk of intervention in currency markets to support the yen. Japanese authorities have intervened in the forex market several times in the past when the yen surpassed 160 yen/USD, as it did today.

The markets are discounting a +1% chance of a +25 bp BOJ rate hike at the next policy meeting on July 31. August COMEX gold (GCQ26) is down -92.9 (-2.24%), and September COMEX silver (SIU26) is down -2.088 (-3.46%). Gold and silver prices are sharply lower amid today's stronger dollar and rising US and European bond yields.

However, precious metals prices have underlying support from safe-haven demand after the Iran-backed Houthis attacked two Saudi Arabian oil tankers, spreading the Iran conflict to the Red Sea and threatening additional disruptions to global oil transportation.

Recent fund liquidation of precious metals is bearish for prices, as long holdings in gold ETFs fell to a 9.75-month low on Monday, after reaching a 3.5-year high on February 27. Also, long holdings in silver ETFs fell to a 1-year low last Tuesday from the 3.

5-year high posted on December 23. Strong central bank demand for gold is supportive of gold prices, following news that bullion held in China's PBOC reserves rose by +480,000 ounces to 75.44 million troy ounces in June, the twentieth consecutive month the PBOC boosted its gold reserves.

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Barchart

Jul 23, 2026strikeUnverifiedUSIranProxy

Brent Crude Tops US$100 After Red Sea Attacks

○ 1 source

Brent Crude Tops US$100 After Red Sea Attacks Markets Key Facts —The level. Brent crude rose above US$100 a barrel, its first time since May, up about 40% this month. —The trigger. Houthi missile and drone attacks on Saudi oil tankers in the Red Sea, enforcing a declared blockade of Saudi ports.

—The wider risk. Shipping through the Strait of Hormuz has slowed sharply, deepening supply fears. —The politics. The US said it would hold Iran responsible for further attacks; Iran warned it would retaliate. —The forecast. Analysts see room for more gains; Goldman Sachs projects Brent above US$120 by the fourth quarter if disruptions persist.

Oil is back in triple digits. Brent crude topped US$100 a barrel for the first time since May after attacks on shipping in the Red Sea, a jump with real consequences for Latin America’s oil exporters and importers alike. After months in the doldrums, oil prices have surged.

Brent crude climbed past US$100 a barrel, a level not seen since May, capping a rally of roughly 40% in July. The spark was violence at sea. What Happened Yemen’s Houthis fired missiles and drones at Saudi oil tankers in the Red Sea to enforce a blockade of Saudi ports, with at least one tanker attacked and several diverting course.

The trouble compounded a near-halt in shipping through the Strait of Hormuz, the chokepoint for a large share of the world’s oil, sending traders scrambling to price in the risk. The Escalation Risk President Donald Trump said the United States would hold Iran responsible for further Houthi attacks and warned of strikes on Iranian infrastructure; Iran said it would retaliate against US-linked assets in the region.

Analysts warn prices could rise further if the conflict widens, with Goldman Sachs projecting Brent above US$120 a barrel by the fourth quarter should supply disruptions continue. Live Market IntelligenceCommodities — Live Market Board Rio Times · Live Market Intelligence Commodities — Live Market Board +7.

05% |Instrument||Last||Change||YoY||Prev.||High||Low||Volume| |GOLD||4,054||-2.25%||+19.43%||4,147||4,144||4,043||130,481| |SILVER||58.02||-3.34%||+47.70%||60.02||60.36||57.32||29,261| |BRENT||100.70||+7.05%||+46.99%||94.07||87.22||85.01||38,512| |WTI||92.

46||+6.48%||+41.70%||86.83||92.82||87.32||287,920| |COPPER||6.34||-1.71%||+9.42%||6.45||6.54||6.33||31,416| |LITHIUM||69.28||+0.41%||+59.37%||69.00||69.68||68.65||90,092| |IRON ORE||161.91||—||+64.76%||161.91||161.91||1| |SOY||1,244||+0.91%||+23.71%||1,233||1,249||1,236||105,716| |CORN||487.

25||+5.47%||+22.27%||462.00||489.50||483.00||155,223| |WHEAT||700.00||-0.81%||+29.51%||705.75||710.25||693.00||58,614| |COFFEE||308.90||-2.45%||+2.51%||316.65||321.30||308.25||11,172| |SUGAR||14.67||-0.47%||-9.67%||14.74||14.90||14.66||36,829| |COCOA||5,308||-0.

38%||-37.11%||5,328||5,411||5,165||12,463| |ORANGE JUICE||145.05||-3.49%||-56.90%||150.30||148.80||144.10||241| |COTTON||81.53||+2.08%||+22.38%||79.87||81.75||79.75||15,710| |BEEF||220.70||-1.12%||-2.79%||223.20||221.90||217.38||14,536| |CATTLE||339.

48||-0.50%||+2.40%||341.17||340.50||333.00||7,417| |USD/BRL||5.08||+0.56%||-8.65%||5.05||5.09||5.04||—| 100.70 +7.05% 92.46 +6.48% 487.25 +5.47% 145.05 -3.49% 58.02 -3.34% 308.90 -2.45% 4,054 -2.25% 81.53 +2.08% What It Means for Latin America For the region’s oil exporters, higher prices are a windfall.

Brazil, Guyana, Colombia, Ecuador and Venezuela all earn more for every barrel they sell abroad. For importers, the math runs the other way: pricier crude feeds into fuel and freight costs across Central America, the Caribbean and beyond, adding to inflation pressures.

Why It Matters Oil at US$100 reshapes trade balances and budgets across Latin America in opposite directions, rewarding producers and squeezing consumers. How long the spike lasts will depend less on the region than on what happens next in the Red Sea and the Gulf.

Frequently Asked Questions Why did Brent crude rise above US$100? Prices jumped after Houthi missile and drone attacks on Saudi oil tankers in the Red Sea, compounded by a sharp slowdown in shipping through the Strait of Hormuz, raising fears over global oil supply.

How high could oil go? Analysts say prices could climb further if the conflict continues. Goldman Sachs projects Brent above US$120 a barrel by the fourth quarter if supply disruptions persist. How does US$100 oil affect Latin America? It benefits exporters like Brazil, Guyana, Colombia, Ecuador and Venezuela, which earn more per barrel, while raising fuel and freight costs for importers across Central America and the Caribbean.

Sources - The National – Oil hits $100 for the first time since May after Houthi attacks on Saudi ships - OilPrice – Brent Tops $100 as Houthi Attacks Push Oil Rally Into Triple Digits Connected Coverage - Spain’s Repsol Bets on Venezuela Oil, Parks $5.

4Bn Debt - Batista Brothers Expand Venezuela Oil Bet With PDVSA Stake - Brent Punches $111 After Trump Aims Arrows at Tehran on Truth Social Sources: Goldman Sachs.

Matias Sebastian Lopez

Jul 23, 2026strikeUnverifiedUSIsraelIranProxy

The missing half of mediation

○ 1 source

A memorandum of understanding between the United States and Iran was signed on June 17, extending a ceasefire after weeks of military confrontation and including provisions to reopen negotiations. Shipping data showed roughly 340 commercial vessels transiting the Strait of Hormuz in the week of 22–28 June, with reported increases in oil flows and Iranian exports under a temporary sanctions waiver.

Within weeks, vessel traffic reportedly declined again as military exchanges resumed and mediators sought an additional truce to support the original agreement.

Location: Tehran

Sultan Barakat