Global gasoline prices surge as Middle East military tensions escalate
Rising military tensions in the Middle East are driving global gasoline prices higher through maritime disruptions.
Event / Conflict
US-Iran Diplomatic Negotiations
Diplomatic negotiations between the United States and Iran covering military tensions, nuclear matters, and regional maritime access including the Strait of Hormuz.
12 reported locations
Daily activity
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2026-08-15 to 2026-11-12 · UTC publication dates
Coverage begins 19 Jul, 02:29 UTC
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What happened
Shipping traffic through Strait of Hormuz declines sharply
Crossings through the Strait of Hormuz declined 31% on July 21 from the previous day, with only nine vessels transiting. Traffic through the Bab el-Mandeb Strait fell 34% to 29 vessels. The Strait of Hormuz, through which one-fifth of the world's traded oil and gas passed during peacetime, remains largely closed.
Trump threatens to destroy Iranian infrastructure for attacks on ships
President Donald Trump issued a warning that the United States would destroy one bridge or power plant in Iran for each time Iran shoots at a ship in the Strait of Hormuz, whether by missile, rocket, drone, or other weapon. Trump posted this threat on social media on July 22.
Brent crude oil surges above $100 per barrel
Brent crude futures broke through the $100-per-barrel threshold on July 23 for the first time in approximately two months, reaching $100.05 per barrel by 9:15 a.m. ET, a gain of 6.4%. U.S. West Texas Intermediate futures climbed more than 5% to $91.08 per barrel. The surge was driven by concerns over shipping disruptions following the Houthi attacks and the Strait of Hormuz dispute.
Iranian Interior Minister holds talks in Pakistan to revive diplomacy
Iran's Interior Minister Eskandar Momeni held meetings in Pakistan in recent days, seeking to revive diplomatic efforts to end the conflict. Iran's Interior Ministry spokesperson Ali Zeinivand stated that 'diplomacy isn't called off' and that messages were still being exchanged, though details were not provided.
U.S. Defense Secretary estimates $37.5 billion spent on Middle East conflict
U.S. Defense Secretary Pete Hegseth estimated in a Senate hearing that the United States has spent $37.5 billion on the ongoing conflict to date. President Trump attended Dover Air Force Base on July 22 for the arrival of remains of four U.S. service members killed in the conflict.
U.S. re-imposes blockade on Iranian ports
In response to Iranian attacks on commercial shipping, the U.S. re-imposed a blockade on Iranian ports and announced a 20% fee on cargo transiting the Strait of Hormuz. U.S. Central Command stated that U.S. forces have helped more than 900 ships carrying approximately 450 million barrels of crude oil pass through the strait since early May.
Iran responds with threats of retaliatory strikes on U.S. infrastructure
Iran's Foreign Minister Seyed Abbas Araghchi announced Tehran would adopt an 'eye for an eye' defense doctrine, stating that any aggression against Iran, including attacks on its infrastructure, would compel a powerful and decisive response. Iran's Khatam al-Anbiya Central Headquarters warned that any U.S. attack on Iranian infrastructure would trigger strikes against energy and economic installations across the region.
U.S. military conducts 12th consecutive night of strikes against Iran
U.S. Central Command conducted its 12th consecutive night of airstrikes against Iran, targeting Iranian maritime capabilities, missile and drone storage facilities, coastal surveillance sites, and air defense assets. The strikes were designed to degrade Iran's ability to threaten civilian mariners and commercial vessels transiting regional waters.
Iranian parliament speaker rejects Trump's threats
Mohammad Bagher Qalibaf, Iran's parliament speaker who has led negotiations with the U.S., stated on social media that 'the situation of the strait will not return to prewar conditions,' appearing to brush off Trump's threats regarding Iranian infrastructure.
Houthis attack two Saudi oil tankers in Red Sea
Yemen's Iran-backed Houthi rebels claimed they struck two Saudi oil tankers, the Encelia and Layla, in the Red Sea using ballistic missiles, cruise missiles, and drones. The Encelia caught fire in the attack; Saudi state media confirmed the incident and reported no casualties. The attacks marked the first reported vessel strikes since the Houthis announced a maritime blockade of Saudi-linked shipping on July 20.
Houthis announce maritime blockade of Saudi-linked shipping
The Houthis announced a maritime blockade of Saudi-linked shipping through the Bab el-Mandeb Strait on July 20 in retaliation for Saudi Arabia's blockade on Yemen and a recent Saudi attack on Sanaa International Airport. The Bab el-Mandeb Strait is a critical shipping chokepoint through which approximately 12% of global trade passes annually.
U.S. missile strikes kill two in Iranian town of Shalamcheh
U.S. missiles struck locations overnight near the cities of Ahvaz, Ramshir, and Andimeshk in western Iran. A U.S. missile strike on the town of Shalamcheh on the Iraqi border killed two people, according to Iranian state media.
Ceasefire between US and Iran collapses 15 days after resumption of hostilities
Hostilities between the United States and Iran resumed on July 8, 2026, approximately 15 days before July 23, marking the collapse of a ceasefire that had been agreed to in April 2026.
At least nine commercial vessels turn back from Red Sea due to Houthi threats
According to data analyzed by AFP, at least nine vessels turned back in the Red Sea or near the Bab el-Mandeb Strait at the southern tip of Yemen after Houthi threats to target ships violating their announced blockade of Saudi ports.
US naval forces divert nine commercial vessels and immobilize one near Iran
US Central Command (Centcom) reported that American naval forces enforcing a maritime blockade of Iran diverted nine commercial vessels and immobilized one vessel to prevent ships from entering or leaving Iranian ports during the night of July 22-23, 2026.
Iran's Revolutionary Guards report halting three tankers in Strait of Hormuz
Iran's Revolutionary Guards claimed on July 23, 2026, to have stopped three tankers attempting to transit the Strait of Hormuz and stated the waterway would remain completely closed as long as the United States continues military operations in the region.
Brent crude oil rises above $95 per barrel amid Middle East tensions
Brent crude oil, the international benchmark, climbed above $95 per barrel for the first time in approximately six weeks on July 23, 2026, at the opening of Asian markets, driven by concerns over potential supply disruptions from the escalating Middle East conflict.
Additional US airstrikes reported in Iranian cities of Ahvaz and Sirik
Additional US airstrikes were reported in Ahvaz near the Persian Gulf and explosions were reported in Sirik near the Strait of Hormuz on July 23, 2026, according to Iranian media sources.
US military conducts 12th consecutive day of airstrikes against Iran
The US military conducted airstrikes against Iran for the 12th consecutive day on July 23, 2026, with the stated objective of reducing Iran's capacity to threaten civilian sailors and commercial vessels transiting the Strait of Hormuz.
Houthi forces attack Saudi tanker Encelia in Red Sea
Yemen-based Houthi rebels claiming Iranian support attacked the Saudi-owned tanker Encelia in the Red Sea on July 23, 2026, hitting it with an unidentified projectile that caused a fire at the bow. The crew remained safe. The ship was located approximately 130 kilometers off the Saudi port of Al Shuqaiq.
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2 alternative perspectives
Pentagon revises casualty count as transparency questions mount
Pentagon revises casualty figures downward amid data issues while halting public updates on Iran conflict toll.
Netanyahu eyes Washington summit as regional tensions expand beyond Iran
Netanyahu's planned Trump summit reflects expanding U.S.-Israeli military coordination as regional spillover draws Lebanon and Hezbollah into conflict.
Ceasefire collapse triggers U.S. airstrikes, Iranian counterattacks resume
Ceasefire collapses; Iranian counterattacks kill three U.S. troops in Jordan.
US and Iran pause military operations in ceasefire shift
US and Iran pause military operations, establishing mutual de-escalation after weeks of intense reciprocal strikes.
China, Trump demand diplomacy as US-Iran tensions peak
International powers demand de-escalation as Trump enforces weapons restrictions and Iran threatens expanded retaliation.
Saudi airstrikes and Houthi blockade expand Yemen theater
Houthis blockade Red Sea shipping and attack Saudi vessels as Saudi airstrikes target Yemen.
Trump considers larger strikes as US reaches two weeks of daily bombing
Trump weighs larger Iran strikes after two weeks of daily bombing and Iranian retaliation.
Netanyahu vows response as West Bank violence kills five
West Bank violence kills five as regional conflict spillover escalates Israeli-Palestinian tensions.
Iran hostilities begin as Houthis blockade Saudi oil shipments
Iran-US hostilities resume July 7; Houthis blockade Saudi oil in Red Sea simultaneously.
UN warns as House votes again to withdraw from Iran conflict
UN warns Middle East crisis deepening as House again votes to withdraw US troops from Iran conflict.
Trump seizes frozen Iranian funds to cover shipping damage costs
Trump seizes frozen Iranian assets for war-related shipping compensation as oil prices hit $100.