BUSINESS

Trump Orders New Iran Strikes, Oil Surges Past $90

▪

Read, Watch or Listen

Media Bias Meter

Sources: 21

Center 100%

Sources: 21

President Donald Trump has ordered a new round of military strikes against Iran, according to U.S. officials who spoke on the condition of anonymity on July 31. The strikes are intended to force Tehran to "surrender" and return to negotiations. Military action could begin as early as this weekend and may last several days, targeting Iranian energy infrastructure including power plants and oil refineries. The news broke after U.S. markets closed, igniting a surge in crude oil prices during electronic trading. WTI crude jumped 3.84% to $86.80 per barrel. Brent crude spiked nearly 5%, briefly touching $91 per barrel. The escalation comes after Iran's Islamic Revolutionary Guard Corps claimed it attacked two oil tankers under U.S. military escort as they attempted to transit the Strait of Hormuz. Iranian state media reported that four additional tankers were forced to turn back. The U.S. and British agencies monitoring Middle East maritime traffic have not confirmed the attacks. Iran has declared the Strait of Hormuz closed to passage due to what it called "U.S. aggressive actions." The U.S. Central Command denied the closure, stating the strait remains open to commercial ships. However, shipping data shows a significant decline in the number of vessels passing through the strategic waterway. The Strait of Hormuz is a critical chokepoint for global energy supplies, handling approximately one-fifth of the world's oil flows. Chevron CEO Mike Wirth warned that supply risks are no longer limited to the strait. Global crude inventories are falling, and Yemen's Houthi rebels have announced a naval blockade on Saudi Arabia while attacking tankers in the Red Sea. "The current situation is under tremendous pressure, and that pressure is likely to continue," Wirth said. "There is less and less time for the market. Every day the situation drags on, it becomes more difficult." Exxon Mobil CEO Darren Woods said the strait must eventually reopen because the global e

Prepared by Christopher Adams and reviewed by editorial team.

Timeline of Events

· On February 28, 2026, U.S.-Israeli joint strikes on Iran began war.
· On March 2026, Iran blocked Strait of Hormuz, halting critical oil shipments.
· On July 8, 2026, Trump declared Iran ceasefire "over," oil surged 6%.
· On July 20, 2026, Brent crude topped $90 as U.S.-Iran strikes escalated.
· On July 23, 2026, Trump promised "major military punishment" for Iran.
· On July 29, 2026, U.S. strikes on Iranian military targets sent oil surging.
· On July 30, 2026, Senate rejected war powers resolution 49-50.
· On July 30, 2026, Brent traded near $90 after U.S. strikes on Iran.
· On July 31, 2026, Trump at Camp David ordered new Iran strikes.
· On July 31, 2026, IRGC struck two U.S.-escorted tankers in Hormuz.
· On July 31, 2026, Iran claimed drone attack on U.S. Kuwait base.
· On July 31, 2026, shipping traffic in Hormuz fell 77% to 5 vessels.
· On August 1, 2026, WTI crude hit $86.80, Brent touched $91.
· On August 1, 2026, Pentagon said "locked and loaded" for strikes.
· U.S.-Israeli strikes on Iranian energy targets likely begin this weekend.
· Oil prices could push well above $90 if attacks proceed.
· Iran may launch missile attacks on Israel in retaliation.
· Midterm elections could be swayed by inflation and war.
· Energy company profits are expected to continue rising sharply.
· Diplomatic breakthrough remains unlikely amid escalating military action.

News Intelligence

Immediate US impact: Oil spike worsens inflation, raises gas prices for Americans immediately.

Possible long-term US impact: Prolonged Middle East war could trigger a sustained inflationary recession.

Most affected groups: U.S. consumers, drivers, investors, energy sector workers, and military families.

What readers should prioritise: Verify military action updates and monitor gas price changes daily.