Hegseth: Iran war cost $37.5B
Analysis based on 12 articles · First reported Jul 21, 2026 · Last updated Jul 22, 2026
Oil prices have risen, with Brent Crude closing above $90 per barrel for the first time since June 11, as the war disrupts shipping through the Strait of Hormuz and Red Sea. Defense stocks may benefit from increased Pentagon spending, but broader market sentiment is negative due to uncertainty and rising energy costs.
On July 21, 2026, U.S. Defense Secretary Pete Hegseth testified before the Senate Appropriations Committee that the U.S.-Iran war has cost $37.5 billion so far, up from $29 billion in May. He requested $67 billion in supplemental funding and a $1.5 trillion defense budget for FY2027. The hearing was marked by protests and heated exchanges, with Democrats criticizing the administration's strategy and warning of a 'forever war.' Republicans largely supported the funding. The war has killed 18 U.S. service members and injured over 100 since early July. Iran has closed the Strait of Hormuz to commercial traffic, spiking oil prices. The U.S. has conducted 10 consecutive nights of strikes on Iranian infrastructure. The Houthis in Yemen has threatened shipping in the Red Sea. The administration faces skepticism from both parties over the lack of a clear exit strategy.
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