'2 weeks, 2 years': Trump says US can bomb Iran for years, then warns of another Great Depression

Oil prices rose on Wednesday, with Brent crude surpassing US$95 per barrel for the first time in nearly six weeks amid US-Iran strikes, before paring some gains while remaining up around three percent. Maritime tracking data showed at least nine ships reversing course from the Bab al-Mandab strait after Houthi rebels announced a blockade of Saudi ports, including vessels that had loaded at the Yanbu terminal.

US equity markets registered a muted response, with the S&P 500 falling 0.1 percent.

US hits Iran as Houthis claim strikes on Saudi tankersPublished July 23, 2026last updated July 23, 2026 What you need to know - US launches 12th consecutive night of strikes on Iran - A US-Iran ceasefire deal fell apart on July 8 - Yemen's Houthis attack Saudi oil tankers in Red Sea, say the tankers violated a naval blockade - Trump admin announces historic US-Saudi Arabic nuclear energy deal Follow below for the latest developments on the US war with Iran and news from the wider Middle East: US launches 12th consecutive night of strikes on Iran The US military says it has begun a 12th consecutive night of strikes against Iran, as the conflict shows no sign of easing.

US Central Command (CENTCOM), said the strikes aimed to reduce further Iran’s ability to threaten ships in regional waters amid tensions in the Strait of Hormuz. The announcement came as US President Donald Trump escalated his rhetoric toward Tehran, warning that the United States would respond directly to any new attacks on vessels in the strategic waterway.

Trump said the US would destroy one bridge or power plant for every Iranian attack on a ship in the Strait of Hormuz. The latest developments underline a growing focus on civilian and economic infrastructure as both sides continue to expand their military campaign around one of the world's most important energy and shipping routes.

Welcome to our coverage Welcome to our coverage of the US war with Iran. The US military has launched a 12th straight night of strikes on Iran as tensions continue to escalate. Meanwhile, the US and Saudi Arabia have signed a civilian nuclear cooperation pact, accompanied by a separate bilateral safeguards agreement, US officials said.

Stay tuned as we bring you the latest on the US conflict with Iran and other developments from the Middle East.

US President Donald Trump stated on July 22 that he would order strikes on Iranian bridges or power plants in response to any attacks on ships in the Strait of Hormuz. The remarks came amid Houthi threats to disrupt shipping through the Bab el-Mandeb Strait, prompting some tankers to alter course in the Red Sea, and followed Iranian warnings, reported via state media, of retaliatory targeting of regional energy infrastructure.

Oil prices rose to a near six-week high amid the developments.

Opening: US launches more strikes on Iran as Yemen’s Houthis claim Red Sea attacks Welcome to our live coverage of the continuing crisis in the Middle East. The US military announced on Thursday evening it had began a 12th consecutive night of strikes against Iranian military targets at the direction of Donald Trump.

US Central Command said the strikes would “continue to further degrade Iran’s ability to threaten civilian mariners and commercial vessels transiting regional waters”. It came as Yemen’s Houthis said they carried out missile and drone strikes on Wednesday on two Saudi oil tankers in the Red Sea after declaring a maritime embargo on the kingdom amid the US war with Iran.

The Houthis said in a statement posted on Telegram that they “carried out a qualitative military operation targeting two Saudi oil tankers that violated the blockade”, naming the vessels as the Encelia and the Layla. Meanwhile, the US signed a landmark nuclear deal with Saudi Arabia that could allow the kingdom to enrich uranium.

The US Department of Energy said on Wednesday its secretary and his Saudi counterpart signed a “peaceful nuclear cooperation agreement”, along with a “bilateral safeguards agreement”. We’ll bring you more on these and other developments in our continuing live coverage.