The United States and Iran exchanged fresh military strikes on July 14, further escalating tensions across the Middle East and around the Strait of Hormuz. The latest developments included new U.S. airstrikes, Iranian retaliatory attacks on U.S. military facilities, and renewed concerns over global oil supplies.
U.S. Central Command (CENTCOM) said it completed its latest wave of strikes against Iran at 10:15 p.m. ET on July 13 after a five-hour mission. The operation targeted military sites in Bushehr, Chah Bahar, Jask, Konarak, Abu Musa and Bandar Abbas using precision munitions against Iranian coastal defense systems, missile and drone sites, and maritime capabilities to further degrade Iran’s ability to attack commercial shipping. CENTCOM also said more than 50,000 U.S. service members remain deployed across the Middle East. At 4:45 p.m. ET on July 14, it launched the third consecutive night of strikes against Iran, saying the attacks were directed by the Commander in Chief and would continue imposing a heavy cost on Iranian forces while reducing their ability to attack civilians and commercial shipping in the Strait of Hormuz.
Iran’s Islamic Revolutionary Guard Corps (IRGC) said on July 14 it launched Operation Nasr-2, targeting multiple ammunition depots, a satellite communications center and a building housing U.S. forces in Bahrain. The IRGC said the strikes were carried out in response to the latest U.S. attacks, had inflicted significant damage and that retaliatory operations were still ongoing. Multiple Iranian media outlets also reported an explosion at a U.S. military base in Kuwait on the same day.
The IRGC later said it struck weapons-support warehouses, a satellite communications center and U.S. military barracks at Bahrain’s Juffair base with missiles and drones. Separately, the IRGC said two foreign oil tankers near the Strait of Hormuz ignored repeated Iranian navigation warnings, entered relevant waters illegally and switched off their navigation systems, posing a serious threat to navigation safety. It said its navy took necessary measures under applicable laws and regulations and that the two tankers were attacked and destroyed. Iran said the security and openness of the Strait of Hormuz remain vital to global energy supplies, adding that authorities have launched an investigation and will release further information.
Oil prices surged after the latest escalation. On July 13, NYMEX August WTI crude rose $6.73, or 9.42%, to $78.14 per barrel, while ICE September Brent gained $7.29, or 9.59%, to $83.30 per barrel, marking the biggest single-day increases since May 2020. Prices extended gains by more than 1% at the start of the next trading session. Analysts at a Dutch commercial bank said shipping flows through the Strait of Hormuz had fallen to low levels, while an XS Group senior market analyst said the rally reflected a repricing of geopolitical risk rather than a purely technical rebound.
