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strikeJul 22, 2026

Fresh US-Iran strikes overshadow Pakistan's bid to revive collapsed ceasefire

Summary

Islamabad: A 10th straight day of attacks between the United States and Iran across the Middle East on Tuesday overshadowed diplomatic efforts in Pakistan to salvage an interim ceasefire deal that has collapsed. Iranian Interior Minister Eskandar Momeni visited Pakistan, a key mediator in the conflict seeking to revamp diplomacy. But it was unclear what new arrangement might be reached to end the war, which lately has become a battle for control over the Strait of Hormuz, a waterway vital to world energy supplies. Also Read: Mediators propose 10-day ceasefire to revive Iran-U.S. interim deal: Senior Iranian official Speaking from the Oval Office, U.S. President Donald Trump gave a dim view on possible talks, saying the U.S. had "no interest in meeting." He signaled that U.S. forces could soon target an area of Iran close to one of its main sites for enriching uranium. With negotiations and shipping through the Strait of Hormuz largely stalled, both sides have sought to gain leverage by targeting civilian infrastructure in the region relied on by millions of people. A barrage of U.S. strikes hasn't loosened Iran's grip on the strait, through which about one-fifth of the world's crude oil and natural gas was shipped before the war. The U.S. continued its airstrikes on the Islamic Republic Tuesday, and Iran attacked a tanker in the strait, forcing the crew to abandon the ship. Iran also kept up attacks against U.S. allies in the region. Sirens in Bahrain and Kuwait warned residents of incoming projectiles. The escalation pushed energy prices higher. The international benchmark for crude oil traded Tuesday above $91 a barrel and regular gasoline in the U.S. climbed to an average of $4 a gallon. Also Read: Trump’s Iran ceasefire was built to fail With U.S. midterm elections approaching in the fall, polls have pointed to the unpopularity of the war among Americans, who have felt the pain of pricier gas and seen new casualties in a conflict that weeks ago seemed to be winding down. A news agency in Yemen that is run by the Houthis, SABA, said Tuesday that six ships in the Red Sea were forced to reroute after they received warnings from the rebel group. The Associated Press could not immediately confirm the claim. Three Houthi officials said the group warned international shipping companies on Monday to avoid transiting through the Bab el-Mandeb Strait, the gateway to the Red Sea on the opposite side of the Arabian Peninsula from the Strait of Hormuz. The officials spoke on condition of anonymity, saying they weren't authorized to speak to journalists. In a statement, Sharif expressed deep concern over the recent U.S.-Iran escalation, and urged all sides to exercise restraint and avoid actions that could further destabilize the region. Pakistan's political leadership and Munir, who serves as both the chief of army staff and defense forces, played a key role in brokering last month's interim agreement between the U.S. and Iran. Islamabad has been working to persuade both sides to return to the negotiating table. Trump told reporters that Iranian officials "want to desperately meet. And until they're ready to meet in a meaningful way, we have no interest in meeting." He said the U.S. would soon target the area near Pickaxe Mountain - a fortified underground site near one of Iran's primary nuclear enrichment facilities. Iran's military leaders said any attack on nuclear or "other sensitive facilities" would be considered a major escalation, according to a statement reported by Iranian state media. "We declare that if the invading and terrorist military of that country enters such a phase, we will regard it as an expansion of the war across the region, and all interests of the United States, its allies, and its supporters will become targets of powerful attacks by the Armed Forces of the Islamic Republic of Iran," said the statement from the armed forces' Khatam al-Anbiya Central Headquarters. A deep level of mistrust persists on both sides. Iran came under a surprise attack in June 2025 and again in February while it was engaging in nuclear negotiations with the U.S. The interim deal unraveled when Iran resumed attacks on ships in the Strait of Hormuz, which was supposed to be reopened under the agreement. "American forces remain postured and prepared to hold Iran accountable for unwarranted aggression toward civilian mariners seeking to freely and openly transit the strait," the command said. Iranian state media reported that explosions were heard in Fars, Hormozgan, Ilam, Kerman, and Sistan and Baluchistan provinces. The British military's United Kingdom Maritime Trade Operations center said a tanker came under attack early Tuesday in the strait off Oman, forcing the crew to abandon the vessel. Iran's paramilitary Revolutionary Guard claimed responsibility for the attack, as well as two other attacks on ships Monday in the waterway. The route close to Oman's shores has been the one the U.S. military has encouraged ships to travel to avoid Iran's control. To enforce the blockade in the strait, as of Tuesday U.S. forces have redirected eight commercial vessels and disabled one, CENTCOM said on X. Jordan's military said Iran targeted it with five drones and three missiles, all of which were shot down. Bahrain sounded its missile alert sirens on Tuesday afternoon as another Iranian barrage targeted the island kingdom, which is home to the U.S. Navy's 5th Fleet. In Iraq, flights were temporarily suspended at Irbil International Airport after a wave of attacks targeted the capital of the semiautonomous northern Kurdish region, according to Iraq's state-run news agency. No group claimed responsibility for the attacks, but in the past both Iran and Iran-backed Iraqi militias have launched attacks in the Kurdish region, where U.S. troops are present. The Kuwaiti government said Iran struck desalination and power plants for a fourth straight day on Monday night. Authorities said the attacks sparked fires and caused damage. Some 90% of Kuwait's drinking water comes from desalination, making the attacks a matter of life and death for the tiny nation. U.S. strikes have been hitting electrical equipment in Iran as well, and Iranian officials also have said Americans targeted water facilities. U.N. Secretary-General Antonio Guterres called the attacks on civilian infrastructure "unacceptable" and a violation of international law. (You can now subscribe to our Economic Times WhatsApp channel) Iranian Interior Minister Eskandar Momeni visited Pakistan, a key mediator in the conflict seeking to revamp diplomacy. But it was unclear what new arrangement might be reached to end the war, which lately has become a battle for control over the Strait of Hormuz, a waterway vital to world energy supplies. Also Read: Mediators propose 10-day ceasefire to revive Iran-U.S. interim deal: Senior Iranian official Speaking from the Oval Office, U.S. President Donald Trump gave a dim view on possible talks, saying the U.S. had "no interest in meeting." He signaled that U.S. forces could soon target an area of Iran close to one of its main sites for enriching uranium. With negotiations and shipping through the Strait of Hormuz largely stalled, both sides have sought to gain leverage by targeting civilian infrastructure in the region relied on by millions of people. A barrage of U.S. strikes hasn't loosened Iran's grip on the strait, through which about one-fifth of the world's crude oil and natural gas was shipped before the war. The U.S. continued its airstrikes on the Islamic Republic Tuesday, and Iran attacked a tanker in the strait, forcing the crew to abandon the ship. Iran also kept up attacks against U.S. allies in the region. Sirens in Bahrain and Kuwait warned residents of incoming projectiles. The escalation pushed energy prices higher. The international benchmark for crude oil traded Tuesday above $91 a barrel and regular gasoline in the U.S. climbed to an average of $4 a gallon. Also Read: Trump’s Iran ceasefire was built to fail With U.S. midterm elections approaching in the fall, polls have pointed to the unpopularity of the war among Americans, who have felt the pain of pricier gas and seen new casualties in a conflict that weeks ago seemed to be winding down. Iran-backed rebels in Yemen open a new front in the Red SeaIn the Red Sea, Iran-backed Yemen's Houthi rebels have opened a new front against Saudi Arabia by declaring a naval blockade of the kingdom, threatening the flow of global oil supplies and trade. With the Strait of Hormuz blocked up, Saudi Arabia has been relying on a pipeline to the Red Sea to get millions of barrels of oil out to market. A news agency in Yemen that is run by the Houthis, SABA, said Tuesday that six ships in the Red Sea were forced to reroute after they received warnings from the rebel group. The Associated Press could not immediately confirm the claim. Three Houthi officials said the group warned international shipping companies on Monday to avoid transiting through the Bab el-Mandeb Strait, the gateway to the Red Sea on the opposite side of the Arabian Peninsula from the Strait of Hormuz. The officials spoke on condition of anonymity, saying they weren't authorized to speak to journalists. Trump says US has 'no interest' in Iran talksMomeni, Iran's interior minister, met Pakistan's army chief Field Marshal Asim Munir, according to two officials who spoke on condition of anonymity to discuss the closed-door negotiations. Momeni later met Pakistan's Prime Minister Shehbaz Sharif. In a statement, Sharif expressed deep concern over the recent U.S.-Iran escalation, and urged all sides to exercise restraint and avoid actions that could further destabilize the region. Pakistan's political leadership and Munir, who serves as both the chief of army staff and defense forces, played a key role in brokering last month's interim agreement between the U.S. and Iran. Islamabad has been working to persuade both sides to return to the negotiating table. Trump told reporters that Iranian officials "want to desperately meet. And until they're ready to meet in a meaningful way, we have no interest in meeting." He said the U.S. would soon target the area near Pickaxe Mountain - a fortified underground site near one of Iran's primary nuclear enrichment facilities. Iran's military leaders said any attack on nuclear or "other sensitive facilities" would be considered a major escalation, according to a statement reported by Iranian state media. "We declare that if the invading and terrorist military of that country enters such a phase, we will regard it as an expansion of the war across the region, and all interests of the United States, its allies, and its supporters will become targets of powerful attacks by the Armed Forces of the Islamic Republic of Iran," said the statement from the armed forces' Khatam al-Anbiya Central Headquarters. A deep level of mistrust persists on both sides. Iran came under a surprise attack in June 2025 and again in February while it was engaging in nuclear negotiations with the U.S. The interim deal unraveled when Iran resumed attacks on ships in the Strait of Hormuz, which was supposed to be reopened under the agreement. US strikes come as ships are attackedThe U.S. military's Central Command said Tuesday it targeted "Iranian military command centers, maritime capabilities, missile and drone launch sites and air defense systems." It released more footage of bombings that targeted sites in Iran. "American forces remain postured and prepared to hold Iran accountable for unwarranted aggression toward civilian mariners seeking to freely and openly transit the strait," the command said. Iranian state media reported that explosions were heard in Fars, Hormozgan, Ilam, Kerman, and Sistan and Baluchistan provinces. The British military's United Kingdom Maritime Trade Operations center said a tanker came under attack early Tuesday in the strait off Oman, forcing the crew to abandon the vessel. Iran's paramilitary Revolutionary Guard claimed responsibility for the attack, as well as two other attacks on ships Monday in the waterway. The route close to Oman's shores has been the one the U.S. military has encouraged ships to travel to avoid Iran's control. To enforce the blockade in the strait, as of Tuesday U.S. forces have redirected eight commercial vessels and disabled one, CENTCOM said on X. Iran strikes US allies around the regionTehran also hit U.S.-allied countries throughout the Mideast on Tuesday. Jordan's military said Iran targeted it with five drones and three missiles, all of which were shot down. Bahrain sounded its missile alert sirens on Tuesday afternoon as another Iranian barrage targeted the island kingdom, which is home to the U.S. Navy's 5th Fleet. In Iraq, flights were temporarily suspended at Irbil International Airport after a wave of attacks targeted the capital of the semiautonomous northern Kurdish region, according to Iraq's state-run news agency. No group claimed responsibility for the attacks, but in the past both Iran and Iran-backed Iraqi militias have launched attacks in the Kurdish region, where U.S. troops are present. The Kuwaiti government said Iran struck desalination and power plants for a fourth straight day on Monday night. Authorities said the attacks sparked fires and caused damage. Some 90% of Kuwait's drinking water comes from desalination, making the attacks a matter of life and death for the tiny nation. U.S. strikes have been hitting electrical equipment in Iran as well, and Iranian officials also have said Americans targeted water facilities. U.N. Secretary-General Antonio Guterres called the attacks on civilian infrastructure "unacceptable" and a violation of international law. 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  • SECTIONS Fresh US-Iran strikes overshadow Pakistan's bidBy SECTIONS Fresh US-Iran strikes overshadow Pakistan's bid

    Islamabad: A 10th straight day of attacks between the United States and Iran across the Middle East on Tuesday overshadowed diplomatic efforts in Pakistan to salvage an interim ceasefire deal that has collapsed. Iranian Interior Minister Eskandar Momeni visited Pakistan, a key me…

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The government has said the UK is “ready to defend itself” after Iran’s military warned that any bases being used by the US were “legitimate targets”. The UK has allowed the US to launch “defensive” operations from British bases hosting American planes since the start of its war on Iran but has refused to help in offensive operations.

That policy has not been altered by the new prime minister, Andy Burnham, who was notified last week that a decision had been made to extend the agreement with the US. Iran’s Islamic Revolutionary Guard Corps said on Thursday that “any base used for aggression against Iranian territory constitutes a legitimate target for our forces”.

In a statement published on the IRGC-linked Tasnim news agency, the group said American bombing missions had been launched from RAF Fairford in Gloucestershire two days earlier. The statement came after the US carried out a 12th consecutive night of strikes against targets in Iran.

The Ministry of Defence has not commented on whether Fairford was used by the US for operations against Iran this week. The IRGC also accused the “British monarchy regime” of causing being the “primary cause of hardships in our region with a black record of partitioning Islamic nations, widespread massacres, imposing despotic regimes, and organising the occupation of Palestine”.

It warned the government “not to weigh down its record any further”. A spokesperson for the British government said: “Our armed forces are ready to keep the United Kingdom safe from any kind of attacks, whether it’s on our soil or from abroad. The UK stands ready 24/7 to defend itself.

“This includes through operating a layered approach to air and missile defence, provided by Royal Navy, British Army and Royal Air Force assets equipped with a range of advanced capabilities, working closely with our Nato allies. “We are committed to defending our people, our interests and our allies, acting in accordance with international law and not getting drawn into the wider conflict.

” On 1 March a drone struck the RAF base at Akrotiri in Cyprus, hitting a hangar, and prompting a partial evacuation of the facility. On 19 March, Iran fired two ballistic missiles at the UK’s Diego Garcia base in the Chagos Islands. One reportedly failed mid-flight, while the other was shot down by a US airship.

Iran has launched strikes against countries in the Gulf that house US military bases, including Bahrain, the United Arab Emirates and Kuwait, killing American service personnel in some of the attacks. Donald Trump said Iran would “pay a big price” for killing US troops.

On Thursday afternoon, the US president said he was considering ordering a “massive attack” on Iran. “I am close to making a decision,” he told Axios. “We’re all set for it.” He said he believed Iran’s leaders “want to negotiate”, but aren’t yet ready to make a deal.

In another sign of the conflict potentially escalating, Yemen’s Iran-backed Houthi rebels said they attacked two Saudi oil tankers in the Red Sea on Thursday, as oil topped $100 a barrel.

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September WTI crude oil (CLU26) on Thursday closed up +5.36 (+6.17%), and September RBOB gasoline (RBU26) closed up +0.0793 (+2.44%). WTI crude oil prices (CLU26) rallied more than +6% on Thursday 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.

Sep Brent crude oil prices (CBU26) on Thursday rallied above $100 per barrel for the first time since May. President Trump said in an interview with Axios on Thursday that he is considering a “massive attack” that would be “bigger than ever before” and is “close to making a decision on it.

”Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. 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.

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. Global crude oil supplies are tightening due to reduced flows through the Strait of Hormuz. The International Maritime Organization warned last Wednesday that it is too dangerous to cross the Strait of Hormuz at the moment, and visible transit through the strait has fallen sharply as Iran continues targeting tankers attempting to transit it.

Crude prices also have support as Ukraine intensifies drone attacks on Russian oil infrastructure. Russian crude production fell to 8.928 million bpd in June, the lowest in 2.5 years, according to monthly OPEC data. According to EA Analytics, Russian crude-processing rates will average 3.

51 million bpd in July, the lowest in 24 years, amid damage to Russian energy infrastructure caused by drone and missile attacks from Ukraine. According to Bloomberg, Ukrainian forces have attacked Russian fuel-producing facilities more than 50 times this year, hitting at least 24 of Russia’s 34 largest refineries.

As of the end of June, around 90% of Russian regions have imposed some form of fuel rationing or reported supply issues, as refining capacity has plunged following damage to facilities. The strikes have deepened a nationwide gasoline shortage, with several major refineries shut down and the government banning almost all gasoline, jet fuel and diesel exports.

Russia is the world’s number two diesel exporter, after the US, according to Vortexa. Stronger Russian crude exports are also adding to global oil supplies, which is bearish for prices. Data compiled by Bloomberg show the four-week average of Russian crude exports rose to 4.

13 million bpd through June 28, the highest since Russia invaded Ukraine in 2022. Russia may be boosting its crude exports as the country’s refining capacity has plunged due to damage at its refining facilities from Ukraine drone and missile attacks.

The outlook for higher US crude output is negative for oil prices. The Department of Energy (DOE) on July 7 raised its US 2026 crude production estimate to 13.78 million bpd from a June estimate of 13.72 million bpd. As a bearish factor for crude, OPEC delegates said on May 14 that the cartel aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September.

The group already formally agreed to restore about two-thirds of the 1.65 million bpd supply cutback it made back in 2023 and said it plans to raise output targets further and to revive the final portion in three more monthly stages. On July 5, OPEC+ said it will boost its crude output by 188,000 bpd in August, though that increase might prove difficult due to revived US-Iran military attacks in the region.

OPEC’s June crude production rose by +2.34 million bpd to 18.75 million bpd. Vortexa reported on Monday that crude oil stored on tankers that have been stationary for at least 7 days rose +31% w/w to 90.03 million bbl in the week ended July 17. Wednesday’s weekly EIA report was mostly negative for crude oil and products.

EIA crude inventories unexpectedly rose +2.01 million bbl versus expectations of a -1.95 million bbl decline. Also, EIA gasoline supplies rose by +765,000 bbl versus expectations of a -1.9 million bbl decline. In addition, EIA distillate stockpiles rose by +1.

4 million bbl, a larger build than expectations of +825,000 bbl. On the positive side, crude supplies at Cushing, the delivery point for WTI futures, fell -624,000 bbl. Wednesday’s EIA report showed that (1) US crude oil inventories as of July 17 were -5.

3% below the seasonal 5-year average, (2) gasoline inventories were -7.1% below the seasonal 5-year average, and (3) distillate inventories were -9.6% below the 5-year seasonal average. US crude oil production in the week ending July 17 fell -0.5% w/w to 13.

798 million bpd, just below the record high of 13.862 million bpd posted in the week of November 7. Baker Hughes reported last Friday that the number of active US oil rigs in the week ended July 17 rose by +7 to a 13-month high of 452 rigs, up from the 4.

25-year low of 406 rigs posted in December 2025. However, the number of US oil rigs remains sharply below the 5.5-year high of 627 reported in December 2022. 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.

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TEL AVIV, July 23. /TASS/. The Israel Defense Forces (IDF) will deal "a crushing blow" to Iran, if it attacks the Jewish state, Defense Minister Israel Katz warned, according to the Ynet portal. "We are ready for any development of events. If Iran attacks Israel, we will deal a crushing blow," he said.

Earlier on Thursday, US President Donald Trump said that he was considering carrying out a massive attack on Iran, and the strikes would be harder than before. According to the American leader, Israel will "join the attack in two minutes" if requested by the United States.

However, he added that Washington "does not need anyone" to launch a new military operation. Trump did not specify a deadline for making a decision. 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 terms of the agreements regarding the Strait of Hormuz.

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The British government stated that it stands ready to defend itself following Iranian comments designating UK bases hosting US forces as legitimate targets in response to US military strikes on Iran. Iranian officials described the UK as an accomplice to US operations, while UK policy has allowed US use of bases such as RAF Fairford and Diego Garcia for what the UK has termed defensive purposes.

Permissions for this arrangement, first granted in March, were extended under the current UK government.

Location: Iran