strikeJul 8, 2026

NATO allies sharpen focus on Arctic, defense spending, Ukraine as summit enters final day

Summary

NATO leaders arrived for the second and final day of the alliance's summit in Ankara on Wednesday, with security in the Arctic, defense spending, Iran's nuclear ambitions and military support for Ukraine dominating doorstep remarks ahead of closed-door meetings. NATO chief Mark Rutte said allies must ensure that Russia and China do not gain greater access to the Arctic, describing the region as an increasingly important strategic theater. Addressing questions over Greenland, Rutte said NATO has "a good process" in place regarding the island. Discussing security in the Middle East, and navigation in the Strait of Hormuz, he said he expected allies to reaffirm that Iran “should never ever get its hands on a nuclear capability.” Rutte credited US President Donald Trump with helping rebalance defense spending between North America and Europe, saying the alliance had entered a stronger phase that he described as "NATO 3.0." Canadian Prime Minister Mark Carney said the security environment has changed dramatically, citing hybrid warfare, hypersonic missiles and Russia as NATO's direct adversary. He said Canada will increase defense spending from 1.5% of GDP to 4% within the next two years and announced the extension of Canada's Operation Reassurance mission in Latvia. Carney said the burden of defense is shifting from the US toward Canada and Europe but stressed that President Donald Trump remains committed to NATO while expecting allies to contribute more. He also called for de-escalation in the Middle East while warning that recent developments underscore the enduring threats facing the alliance. Danish Prime Minister Mette Frederiksen said Europe's rearmament and a stronger transatlantic defense industrial base should be the summit's top priority as the global security environment becomes increasingly unstable. She called for additional support for Ukraine and greater pressure on Russia, saying allied unity has never been more important. On Greenland, Frederiksen reiterated that the island is "not for sale" and only the people of Greenland can determine its future. She added that Denmark is prepared to defend "every inch of NATO," including Greenland, if necessary. Dutch Prime Minister Rob Jetten said NATO is delivering on the commitments made at last year's summit by building a stronger Europe within a stronger alliance. He stressed that European allies have significantly increased defense spending and expanded military-industrial cooperation, making NATO stronger for both Europe and the US. Jetten also emphasized the need to pursue a diplomatic solution to tensions involving Iran. He said closer European-American defense cooperation demonstrates that a stronger Europe is in Washington's interest as well. Polish President Karol Tadeusz Nawrocki said Russia remains NATO's principal threat and warned that Moscow could use military force against European countries. He said Poland wants to establish a permanent base for American troops, noting that nearly 10,000 US soldiers are already stationed in the country. Nawrocki said a lasting American military presence would strengthen security on NATO's eastern flank and help protect Central and Eastern Europe. He added that Poland continues to invest heavily in strengthening its own armed forces. Hungarian Prime Minister Peter Magyar reiterated Budapest's opposition to deeper military involvement in Ukraine. He said Hungary will not send weapons or troops to Ukraine despite continued allied support for Kyiv. Peter Magyar's remarks again highlighted divisions within the alliance over the scope of military assistance to Ukraine. Icelandic Prime Minister Kristrun Frostadottir said Greenland's future should be decided solely by its people, stressing that they do not want to become part of the US. She said NATO has become stronger over the past year with more members and higher defense spending despite evolving geopolitical dynamics. Frostadottir argued the alliance should focus less on debates over Greenland and more on addressing the threat posed by Russia. Swedish Prime Minister Ulf Kristersson said NATO must be prepared for a range of scenarios involving Russia while European allies continue assuming greater responsibility for the continent's security. He said Sweden plans to reach NATO's 5% defense investment target by 2030 and highlighted the importance of expanding Europe's defense industrial capacity following the alliance's decision to procure the GlobalEye airborne surveillance system. Jonson described continued military support for Ukraine as NATO's foremost priority and urged more allies to increase their contributions. He noted that Sweden is supplying Ukraine with 16 previously operated Gripen fighter jets while procuring 16 next-generation Gripen E aircraft for its own air force. Greek Prime Minister Kyriakos Mitsotakis said European allies have increasingly assumed greater responsibility for their own security, calling it a long-overdue rebalancing within NATO. He said Greece has already met the alliance's 3.5% defense spending target and is implementing a €25 billion military modernization program despite longstanding regional security challenges. Mitsotakis reiterated his support for a stronger European defense pillar that complements rather than competes with NATO. He also expressed hope that the ceasefire between Iran and the US would hold, giving diplomacy time to prevent renewed regional tensions and higher energy prices. Estonian Prime Minister Kristen Michal said Estonia is investing nearly 7% of its GDP in defense this year and urged allies to rapidly strengthen military capabilities and defense spending. He called for a stronger forward defense posture against Russia, describing Moscow as a direct and credible threat to the entire alliance, while stressing the need to expand NATO's defense industrial capacity. Michal said Ukraine is fighting not only for its own freedom but also for Europe's security, noting Estonia has committed annual military assistance equivalent to 0.35% of GDP. Citing recent incidents involving undersea infrastructure, airspace violations and NATO air policing in the Baltic region, he said the alliance's collective defense mechanisms are working effectively and remain essential for regional security. Norwegian Prime Minister Jonas Gahr Store said he does not expect the US to withdraw its military presence from Europe, arguing NATO continues to provide significant security benefits for Washington. He said Norway's role in safeguarding the High North and the Arctic contributes directly to both European and US homeland security. Store emphasized that NATO is a defensive alliance designed to deter aggression, not threaten others, while reiterating the need for a ceasefire and a just, lasting peace in Ukraine. He also highlighted Norway's major investments in naval capabilities and closer cooperation with Britain, Canada and Germany to strengthen security in northern waters. Finnish President Alexander Stubb said NATO has undergone a remarkable transformation in just a few years, pointing to the accession of Finland and Sweden, increased defense spending and greater European responsibility within the alliance. He said few would have predicted four years ago that both Nordic countries would join NATO or that allies would commit to spending 5% of GDP on defense. Stubb added that the implementation of what he called "NATO 3.0" reflects a historic shift in burden-sharing from the US toward Europe. He said the changes demonstrate how quickly the alliance has adapted to the evolving security environment. UK Prime Minister Keir Starmer said the Ankara summit comes at a critical moment as allies confront the war in Ukraine and rising tensions in the Strait of Hormuz. He said leaders would discuss a range of important security issues and agree on concrete actions to strengthen the alliance. Starmer stressed that the summit is an opportunity for NATO members to demonstrate their unity and collective strength in the face of growing global challenges. news_share_descriptionsubscription_contact

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Dilara Hamit; Efe OzkanBy Dilara Hamit; Efe Ozkan
NATO leaders arrived for the second and final day of the alliance's summit in Ankara on Wednesday, with security in the Arctic, defense spending, Iran's nuclear ambitions and military support for Ukraine dominating doorstep remarks ahead of closed-door meetings. NATO chief Mark R…

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Jul 23, 2026strikeUnverifiedUSIranProxy

UK ‘ready to defend itself’ after Iranian threat over US bases

○ 1 source

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.

Hayden Vernon

Jul 23, 2026strikeUnverifiedUSIranProxyRussia

Oil Prices Soar as US-Iran Conflict Expands to Red Sea

○ 1 source

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.

Barchart

Jul 23, 2026strikeUnverifiedUSIsraelIran

IDF to deal 'crushing blow' to Iran, if it attacks Israel — Ynet

○ 1 source

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.

CurrentsAPI

Jul 23, 2026strikeUnverifiedUSIsraelIran

UK 'ready to defend itself' after Iran says bases are 'legitimate targets'

○ 1 source

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

Sean Seddon