Iran and the United States threatened on Thursday, July 23rd, 2026, to intensify attacks on one another following strikes by Yemen's Houthi rebels on Saudi oil tankers in the Red Sea. The attacks caused Brent crude oil prices to surge past $100 a barrel for the first time since May, rising 7%, raising fears of a widening regional conflict and renewed pressure on the global economy.

President Donald Trump stated that the United States would hold Iran responsible for the Houthis' actions and warned that both Iran and the Houthis would soon face a "major military punishment."

United Nations Secretary-General Antonio Guterres warned that the situation "is teetering on the edge of the unimaginable," adding at a UN Security Council meeting that "one escalation triggers the next."

European Central Bank President Christine Lagarde cautioned that "the energy shock could intensify further," potentially pushing up inflation and fueling speculation about a eurozone interest rate hike in September.

German Defence Minister Boris Pistorius warned of "dire consequences" for oil-importing economies and stated that "nothing – absolutely nothing – suggests that a ceasefire, let alone peace, could be reached."

The conflict resumed this month after a ceasefire lasting only a few weeks, disrupting the region as Iran and the United States vie for control of the vital Strait of Hormuz.

Iran's army spokesperson Mohammad Akraminia, according to state television, declared, "The armed forces' retaliatory attacks will continue as long as the US attacks on the country's infrastructure and coastal areas continue."

British naval security monitor UKMTO reported that the master of a tanker was hit by an unknown projectile approximately 70 nautical miles southwest of Al Shuqaiq, causing a fire.

Sources