STRAIT OF HORMUZ — The United States struck 140 targets in Iran overnight on July 12, 2026, in a significant escalation of hostilities that has roiled financial markets and disrupted regional stability. The action followed Iranian attacks on sites in Jordan, Bahrain, Kuwait, and Oman, which Tehran said were in response to earlier U.S. operations.

President Donald Trump declared an interim peace deal “over” amid renewed exchanges of drones and rockets between the U.S. and Iran. The conflict between the United States and Israel on one side, and Iran and its regional allies on the other, has been ongoing since February 28, 2026.

The Joint Maritime Information Center reported that the threat level in the region was “severe,” though it stated the southern shipping route near the Oman coastline remained open. “U.S. forces are prepared to maintain freedom of navigation and safeguard lawful commerce in accordance with international law,” the center said.

Despite heightened tensions, Shipfinder.com data showed 23 vessel transits through the Strait of Hormuz in the 24 hours prior to July 13, 2026. Brent crude oil prices climbed to $77 per barrel on the morning of July 13, up from $71 a week earlier.

Global markets reacted sharply to the escalation. S&P 500 futures fell 0.3% on July 13, following a 0.42% gain in the index on July 11. In Asia, South Korea’s KOSPI dropped 8.95%, Japan’s Nikkei 225 fell 1.92%, and China’s CSI 300 declined 1.79% during morning trading. Bitcoin was priced at $63,000 on the morning of July 13.

Mohammad Bagher Ghalibaf, Speaker of Iran’s Parliament, responded to the U.S. strikes with a televised statement on July 13: “The era of one-sided deals is OVER. We told you: keep your word or pay the price. Reality is knocking.”

Why It Matters

The U.S. strikes mark a major intensification in a conflict that has already drawn in multiple regional allies and disrupted global energy and financial markets. With Iran retaliating against four U.S.-aligned states and oil prices rising, the breakdown of the interim peace deal increases the risk of wider warfare.

Maritime traffic through the Strait of Hormuz—a critical global oil chokepoint—remains active despite the “severe” threat level, underscoring the economic stakes involved. The sharp declines in Asian equity markets reflect investor concerns about supply chain and energy security in the event of prolonged hostilities.