US-Iran Strait of Hormuz Conflict: July 13 Update | Global Crisis

Escalation in the Strait of Hormuz: US and Iran Exchange Strikes

The ongoing conflict between the United States and Iran reached a dangerous new peak on July 13, 2026, as both nations exchanged heavy military strikes over control of the strategically vital Strait of Hormuz. The waterway, through which approximately one-fifth of the world's oil and liquefied natural gas passes, has become the epicenter of a confrontation that threatens global energy markets and regional stability. The latest escalation follows Iran's attack on a Cyprus-flagged container ship and its subsequent declaration that the strait is closed to commercial traffic.

Background of the Conflict

The roots of the current crisis trace back to February 2026, when the United States and Israel launched a coordinated military campaign against Iran following the assassination of Supreme Leader Ayatollah Ali Khamenei. The operation triggered widespread economic grief, fuel shortages, and retaliatory strikes on Gulf nations. A fragile ceasefire brokered in June 2026 quickly unraveled after Iran fired on commercial vessels in the Strait of Hormuz in early July. The US-Iran war timeline shows a pattern of escalating tit-for-tat attacks that have drawn in regional allies.

On July 11, the US launched strikes after Iran targeted a ship in the strait and declared the waterway closed. Iran's Revolutionary Guard retaliated by attacking US military bases in Bahrain, Kuwait, Jordan, Qatar, and Oman, setting fuel tanks and ammunition depots ablaze. Three people were injured by shrapnel in Qatar. The US military responded with multiple waves of strikes, hitting approximately 140 Iranian targets including missile sites and communication equipment.

US Military Response

U.S. Central Command (CENTCOM) confirmed that American forces conducted "powerful strikes" against Iranian military infrastructure. Defense Secretary Pete Hegseth stated, "Iran made a poor choice. Now they pay." President Trump, speaking on NBC, claimed that Iran had agreed to a deal before attacking an hour later, adding, "We bombed the hell out of them last night." The strikes targeted missile launch sites, radar installations, and naval facilities along Iran's southern coast.

Impact on Global Energy Markets

The closure of the Strait of Hormuz has sent shockwaves through global energy markets. Oil prices, which had spiked to $120 per barrel during the height of the conflict, have since dropped but remain volatile. The strait is a critical chokepoint for oil tanker traffic from major producers including Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates. Asian shares slipped on July 13 amid fears of a broader conflict and prolonged disruption to energy supplies. The global energy crisis 2026 has prompted emergency meetings among G7 nations to discuss strategic petroleum reserve releases.

Regional Reactions and Diplomatic Efforts

Regional leaders have called for restraint. Pakistan's top diplomat urged a return to diplomacy, while Gulf states find themselves caught in the crossfire. Iran's retaliatory strikes hit sites in Jordan, Qatar, Kuwait, Bahrain, and Oman. Iranian officials claimed they destroyed a command center in Jordan and refueling facilities for US aircraft carriers in Oman. Both sides assert control over the Strait of Hormuz, though vessel traffic has dropped to multi-week lows. The US military has provided support for ships using a southern route along Oman's coast as an alternative passage.

The United Nations Security Council held an emergency session on July 12, but failed to reach a consensus on a resolution calling for a ceasefire. Russia and China blocked a US-backed draft that would have condemned Iran's closure of the strait, while Iran's allies dismissed the US strikes as disproportionate.

Domestic US Developments

Amid the foreign policy crisis, President Trump continues to face scrutiny over his personal finances. On June 30, 2026, financial disclosure filings revealed that Trump earned approximately $1.4 billion from cryptocurrency ventures, including $635 million from sales of his $Trump meme coin and over $236 million from token sales through World Liberty Financial. Forbes estimates Trump's net worth at about $6 billion, up from $2.3 billion in 2024. The Trump crypto earnings controversy