Key Takeaways:
- The US launched a third consecutive night of strikes on Iran on July 13
- Trump announced plans to strike the fortified Pickaxe Mountain nuclear site
- A 20% fee on all cargo transiting the Strait of Hormuz was imposed
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US strikes Iran for third night as Trump targets nuclear site
The US launched its third consecutive night of strikes on Iran on Monday as President Trump escalated the conflict by threatening to target a fortified underground nuclear site and reimposing a naval blockade with a 20% toll on Strait of Hormuz traffic.
US Central Command said the latest round began at 4:45 p.m. Eastern time to "continue imposing a heavy cost on Iranian forces and degrade their ability to attack innocent civilians and commercial shipping in the Strait of Hormuz." Trump told radio host Hugh Hewitt the US would hit Iran "very hard" Monday and Tuesday, adding that the military would strike Pickaxe Mountain — a fortified, underground nuclear site untouched since the war began Feb. 28.
"The Strait of Hormuz is a vital maritime corridor for global trade. Iran does not control it," CENTCOM said in a statement. The waterway handles about 21% of global oil consumption, making it the world's most critical energy chokepoint.
Trump announced on social media that the US was "reinstating THE IRANIAN BLOCKADE" and would charge a 20% fee on all cargo passing through the strait, branding the US as "THE GUARDIAN OF THE HORMUZ STRAIT." Iran's foreign minister, Abbas Araghchi, responded that "Iran has always been the GUARDIAN of the Strait and will remain so FOREVER," adding that "20% is of course too much. We will be fair."
The White House sent a letter dated July 10 to Congress stating it had resumed hostilities with Iran on July 7, restarting a 60-day clock under which the US can wage war without lawmakers' approval. Trump wrote he acted "pursuant to my constitutional authority as Commander in Chief."
Oil prices spike as crossings collapse
Brent crude futures climbed above $83 a barrel by Monday evening, while the average US gasoline price rose to $3.87 a gallon, up 8 cents from a week ago, according to AAA. Kpler, a data and analytics company, said crossings through the Strait of Hormuz dropped by more than half from the previous week.
Two UAE tankers were struck by Iranian cruise missiles in Omani territorial waters, killing one crew member and injuring eight others, the UAE Defense Ministry said. Iran's Islamic Revolutionary Guard Corps said the tankers ignored repeated warnings and warned that "cooperation with the aggressor enemy will only result in regret, damage, and delays in reopening the Strait of Hormuz."
Iran retaliated against US strikes by launching missiles and drones at US bases in Jordan, Bahrain, and Kuwait. Missile alert sirens sounded in Bahrain, home to the US Navy's 5th Fleet, while Kuwait's army said its air defense systems were intercepting "hostile attacks."
The last time the US imposed a naval blockade on Iran — from April 13 to June 18 — oil prices surged more than 15% before a shaky ceasefire took effect. That June memorandum of understanding, which both sides now accuse each other of breaching, was predicated on free traffic through the strait and a pause in fighting to allow nuclear talks. Trump declared the ceasefire "over" during last week's NATO summit but did not rule out further negotiations.
United Nations Secretary-General António Guterres condemned the escalation, warning that "a return to full-scale hostilities would have catastrophic consequences." Iran's new Supreme Leader Mojtaba Khamenei, who has not been seen publicly since taking power in March after his father was killed in US-Israeli airstrikes, issued a statement vowing to "avenge the blood of the martyred leader."
Critics said the 20% toll would violate the decades-old US commitment to free navigation on the open seas and contradict previous statements by Secretary of State Marco Rubio and US Ambassador to the UN Mike Waltz that charging tolls in international waters violated international law. For investors, the key risk is whether the blockade and strikes represent a temporary punitive measure or the start of a prolonged conflict that could push oil above $100 a barrel and reignite global inflation.
This article is for informational purposes only and does not constitute investment advice.
