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strikeJul 22, 2026

Iran, Gulf hit as Hormuz, Bab al-Mandeb close: What’s the latest?

Summary

Iran, Gulf hit as Hormuz, Bab al-Mandeb close: What’s the latest? Defense Secretary Pete Hegseth tells US senators that the war has cost the US $37.5bn so far. The conflict in the Middle East has widened as two oil tankers headed to Asia, carrying Saudi crude, turned around in the Red Sea on Tuesday after Yemen’s Houthis announced a naval blockade against Saudi Arabia. The closure of the Bab al-Mandeb strait that connects the Red Sea to the Indian Ocean adds pressure on global trade routes, with ongoing disruptions in the Strait of Hormuz due to the ongoing US-Israel war on Iran. Escalations continue, as the United States announced that it concluded its 11th round of attacks on Iran. Tehran retaliated, hitting US military targets in the Gulf. Here is a recap of what happened on Tuesday night and Wednesday. Where did the US attack Iran? The US Central Command (CENTCOM) said that at 00:15 GMT on Wednesday, it concluded its latest round of strikes against Iran for the 11th consecutive night. CENTCOM said it targeted Iranian military operations centres, maritime capabilities, aircraft hangars, drone storage facilities and military logistics infrastructure “to further degrade Iran’s ability to threaten commercial shipping in the Strait of Hormuz”. The CENTCOM statement claimed that over the past three months, Iran had attacked more than 30 commercial vessels traversing the Strait. The deputy governor of Iran’s southwestern Khuzestan province told the Fars news agency in Iran that US missile attacks targeted areas near the cities of Behbahan and Omidiyeh in the province on Wednesday. The agency also reported that early on Wednesday, US forces attacked a military site on the outskirts of Tabriz in northwestern Iran. Al Jazeera’s Tohid Assidi reported from Iranian capital Tehran that explosions were heard in Tabriz. Assidi additionally reported that air defences were activated in Tehran and that two blasts were heard in Bushehr. Iran’s IRIB state broadcaster said that the deputy governor of Sistan and Baluchestan province had confirmed attacks on the southeastern cities of Chabahar and Konarak. IRIB additionally reported, citing the deputy governor of Hamadan province, that US forces launched air attacks on Kabudarahang County in west-central Hamadan province in the latest round of attacks. The broadcaster also reported that air attacks hit the Chavar and Abdanan regions in Iran’s western Ilam province and that US attacks hit the western Kurdistan province. Where did Iran attack the Gulf? Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Wednesday that “the operation to punish the aggressor continues”, IRIB reported. Kuwait: Iran’s military says it launched drones at US military facilities at Camp Doha in western Kuwait on Wednesday, Iran’s semi-official Tasnim news agency reported. Jordan: Iran’s military said in a statement on Wednesday that it targeted Jordan’s Muwaffaq Salti Airbase in Azraq with drones, according to the Mehr News Agency. The statement said: “The army targeted the ‘housing and welfare buildings’ and ‘equipment warehouses’ of the terrorist US army at the Azraq base in Jordan with drones in the morning.” Bahrain: The statement, cited by Mehr news agency, added that Iran targeted Bahrain’s Isa Airbase with drones. “[Drones] also targeted the ‘large equipment warehouses and sheds’ and the ‘heavy aircraft maintenance and repair sheds’ of the child-killing and criminal US army at the Sheikh Isa Airbase in Bahrain,” the statement said. Death, diplomacy and dollars The US Department of Defense said in a statement on Wednesday that a third US soldier is believed to have been killed in action during an Iranian strike on Muwaffaq Salti Airbase in Jordan on July 17. The department said the 28-year-old had previously been reported missing, but that the soldier’s status has now been updated to “Duty Status -Whereabouts Unknown, believed deceased”. Two other soldiers were killed in the attack on the Jordan base. Another soldier was also killed in Iraq last week while attempting to detonate explosives on an Iranian drone. The latest death brings the total number of US soldiers killed to 18 since the war on Iran began on February 28. US Secretary of State Marco Rubio said that Washington is open-minded on the war on Iran and willing to engage, negotiate and settle differences. “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,” Rubio said in a meeting with Southeast Asian counterparts in Manila. Meanwhile in Washington, US Defense Secretary Pete Hegseth told senators during a hearing that the war had cost the country’s military $37.5bn so far, urging them to approve an additional $67bn to replenish depleted missile supplies.

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  • Sarah ShamimBy Sarah Shamim

    Iran, Gulf hit as Hormuz, Bab al-Mandeb close: What’s the latest? Defense Secretary Pete Hegseth tells US senators that the war has cost the US $37.5bn so far. The conflict in the Middle East has widened as two oil tankers headed to Asia, carrying Saudi crude, turned around in th

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Oil Soars To Six-Week Highs Amid Trump Threats, US Production Dip, & 'Tank Bottoms' At Cushing

Oil prices extended their rise this morning to six week highs as fighting between the US and Iran continued around the Persian Gulf (11th straight night of attacks) and threats of a blockade in the Red Sea added to growing uncertainty about the flow of energy from the region.

Secretary of State Marco Rubio said on Wednesday that U.S. forces would continue to attack Iran as long as it tried to exercise control over shipping traffic, which has dwindled in recent weeks.

Yesterday, President Trump and Secretary of War Pete Hegseth threatened to deepen the war effort, including by potentially targeting the Houthis.

Trump further threatened the Iranians this morning, saying on his social media network that if the country attacks any ship in the Strait of Hormuz, “the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran.”

WTI is back at six-week highs, dragging bond yields higher and seemingly wearing on stocks too. Overnight saw API report an unexpected build in crude but an 'expected' draw in gasoline stocks.

API

Crude +2.6mm

Cushing

Gasoline -1.38mm

Distillates +1.76mm

DOE

Crude +2.01mm (-500k exp)

Cushing -674k

Gasoline +765k

Distillates +1.395mm

Crude stocks rose (in line with API's report) but Gasoline stocks rose (against API's reported draw)...

Stocks at the all-important Cushing hub fell again last week, unable to recover from 'tank bottoms'...

Interestingly, crude oil releases from the Strategic Petroleum Reserve re-accelerated last week...

Despite the ongoing rise in the rig count, US crude production dipped last week from record highs...

Next week’s EIA data may be more volatile depending on how hard Tropical Storm Bertha will impact the Gulf Coast. The storm could disrupt port operations and data on imports and exports. Bad weather could also make a dent on fuel demand on the East Coast.

Crude imports from the Middle East remained at zero for a third week in the seven days to June 17. A couple of ships hauling Saudi crude to the US managed to leave the Persian Gulf during the brief opening of the Strait of Hormuz. But the waterway’s effective closure and the simultaneous threats to ships in the southern Red Sea will likely make further deliveries scarce.

WTI is holding around $88 at six-week highs...

The conflict is widening at a vulnerable time for energy markets.

Oil stockpiles are smaller than they were when U.S.-Israeli strikes on Iran began at the end of February, and Ukrainian attacks have severely damaged Russian refineries, tightening supplies of transportation fuels like diesel and prompting Goldman Sachs to raise a red flag about the potential for $120 Brent if things continue to escalate...

...and worse still, gas prices may go higher...

The $4 threshold is both economically and politically sensitive, as it is where lower-income consumers typically begin cutting discretionary purchases and trading down across gas stations, convenience stores and quick-service restaurants, further weighing on consumer sentiment... and Trump's approval ratings.

Tyler Durden Wed, 07/22/2026 - 10:40

Location: Tehran