Story
US Conducts 12th Straight Night of Strikes on Iran Amid Escalating Threats
The U.S. military conducted its 12th consecutive night of strikes against Iran, according to a statement from U.S. Central Command, continuing a military campaign that has heightened regional instability and supported a rally in crude oil prices.
Latest Military Action
In a statement released Wednesday, U.S. Central Command (CENTCOM) confirmed that American forces had struck multiple Iranian military targets at the direction of President Donald Trump. The latest engagement lasted for five hours.
CENTCOM specified that the targets included:
- Maritime capabilities
- Missile and drone storage facilities
- Coastal surveillance sites
- Air defense assets
Throughout July, U.S. forces have hit dozens of Iranian military sites on land while also enforcing a naval blockade against the country, the statement added.
Escalating Threats and Market Impact
AdThe ongoing military action is accompanied by increasingly sharp rhetoric, raising concerns among investors about potential disruptions to critical energy infrastructure. President Trump vowed on Wednesday to destroy an Iranian bridge or power plant every time Iran attacks a ship in the Strait of Hormuz, a vital chokepoint for global oil shipments.
Responding through state media, Iran’s joint military command warned it would target regional oil, gas, and electricity facilities if the U.S. acted on the threat. This direct risk to energy supply has added upward pressure on oil prices, with Brent crude futures rising over 2.2% to trade above $96 per barrel and West Texas Intermediate climbing 1.8% to over $88 per barrel.
Conflict Background
The current war began on February 28 following U.S. and Israeli attacks on Iran, which prompted retaliatory strikes from Tehran on Israel and Gulf states hosting American bases. The conflict has reportedly killed thousands, displaced millions, and recently pushed the number of U.S. troop deaths to 18.
President Trump's threats to target civilian infrastructure have previously drawn condemnation. International law experts in the U.S. warned in April that such attacks could constitute war crimes under the 1949 Geneva Conventions, which prohibit targeting sites essential for civilian life.
Read next
More on Commodities
U.S. Crude Inventories Post Surprise Draw While Gasoline Stocks Swell, EIA Reports
U.S. crude oil stockpiles fell unexpectedly last week, driven by a surge in exports, while gasoline inventories saw a significant build amid weakening demand, according to the latest EIA data.
UBS Raises Year-End Brent Forecast to $110 on Middle East Supply Risks
UBS has increased its year-end forecast for Brent crude to $110 per barrel, citing escalating supply risks in the Middle East, declining global inventories, and record-high freight costs.
Iran Dismisses Latest Qatari Peace Proposal as 'Unacceptable'
A senior Iranian official has rejected the latest Qatari-mediated draft deal to end the eight-month war, calling the ideas 'unacceptable' and signaling a continued diplomatic impasse. The news comes amid rising oil prices following attacks on Saudi energy infrastructure.
Argentina Poised to Gain EU Soymeal Market Share as Deforestation Rules Hit Brazil
Argentina's soybean industry is preparing to capture a larger share of the European Union's soymeal market as new EU anti-deforestation rules are expected to disrupt exports from rival Brazil.