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US ends seventh night of strikes on Iran amid rising regional tensions and disrupted shipping.

Market News
18 Jul 2026
CNBC
View Source
Bearish
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The US military concluded a seventh consecutive night of strikes targeting Iran's military logistics, underground weapons storage, and maritime capabilities, while enforcing a naval blockade on Iranian ports. Iran responded by intercepting several vessels and continuing attacks on regional targets, including Kuwait and Bahrain, which reported missile and drone threats. The fragile truce between the US and Iran is deteriorating, raising concerns of prolonged conflict. Oil prices surged sharply due to the unrest, with Brent crude and WTI futures hitting their highest levels since mid-June. The situation remains volatile as both sides maintain aggressive postures and the US threatens further strikes if Iran refuses negotiations.

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