US-Iran strikes escalate, blockade reimposed
Analysis based on 62 articles · First reported Jul 16, 2026 · Last updated Jul 16, 2026
Oil prices have risen over 15% since before the war, with Brent Crude above $85 per barrel, though still below the $120 peak. The blockade of the Strait of Hormuz threatens global energy supplies and could further spike prices, impacting inflation and economic growth worldwide.
The United States intensified airstrikes on Iran early Thursday, hitting targets near Tehran and in northern provinces, and disabled a tanker attempting to breach the naval blockade. Iran retaliated with missile and drone attacks on Bahrain, Jordan, and Kuwait. The back-and-forth has shredded the interim deal to end the Iran war, raising fears of all-out conflict. U.S. strikes have reportedly killed over 35 people and wounded more than 300. The Strait of Hormuz remains effectively closed, with oil prices rising above $85 per barrel. President Donald Trump reimposed the naval blockade on Wednesday and claimed Iran is ready for a peace deal, while Iran's Revolutionary Guard threatened to halt all regional energy exports. Mediation efforts by Pakistan have been unsuccessful.
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