Iran attacks Gulf states, US troops killed
Analysis based on 423 articles · First reported Apr 20, 2026 · Last updated Jul 24, 2026
The conflict has driven oil prices to record highs due to disruptions in the Strait of Hormuz, a vital energy chokepoint. The US dollar has strengthened as a safe haven, while risk-sensitive currencies like the Australia — Australian dollar have fallen. Global equity markets have experienced volatility.
Since late February 2026, the US and Israel have been at war with Iran. After a fragile ceasefire in June, hostilities resumed in mid-July. Iran has launched repeated missile and drone attacks on Kuwait, Bahrain, Jordan, and other Gulf states, targeting power plants, desalination facilities, oil infrastructure, and US military bases. The US has conducted sustained airstrikes on Iranian military targets. At least 18 US service members have been killed, including three in a July 17 attack on Muwaffaq Salti Air Base in Jordan. Iran has also attacked commercial shipping in the Strait of Hormuz, disrupting global oil supplies. Gulf states and international bodies have condemned Iran's actions, while the US has vowed retaliation. The conflict has caused significant damage to civilian infrastructure in Kuwait and Bahrain, leading to power and water rationing.
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