US and Iran exchange strikes, oil prices jump over Hormuz tensions

The United States and Iran carried out airstrikes against each other's assets in the Gulf region on July 13, 2026, escalating tensions over the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps (IRGC) struck military bases in Kuwait and warned the US over the strategic waterway. The US launched fresh strikes on Iranian targets, while Tehran widened attacks on American bases in Gulf states. Oil prices jumped nearly 5% as markets reacted to the conflict and fears of disruptions to shipping through the Strait of Hormuz.