July 23, 2026 — Oil tops $100 a barrel, Houthi attack in Red Sea marks new escalation | CNN

July 23, 2026 — Oil tops $100 a barrel, Houthi attack in Red Sea marks new escalation

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Wife of US service member killed during Iran war shares photos, memories of him
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Key developments

• No respite from war: The US military said it completed a 13th consecutive night of strikes against Iran. The latest onslaught came hours after President Donald Trump signaled he’s not yet ready to negotiate a new ceasefire with Tehran.

• Rough seas: Oil topped $100 a barrel for the first time since May after Yemen’s Houthi rebels targeted Saudi ships in the Red Sea, threatening to cut off another route for oil exports already choked by the effective closure of the Strait of Hormuz. Trump claimed that any damage to ships or cargo in the region will be paid for with frozen Iranian funds.

War powers: The US House voted to halt the Iran war absent congressional approval, but a similar measure failed in the Senate. While the votes could not have compelled an end to the conflict, they highlight discontent from some Republicans over Trump’s use of his war powers.

Iranian FM: Seizing nation’s assets to pay for future claims sets “incendiary precedent”

Abbas Araghchi attends a press conference in New Delhi, India on May 15.

Iranian Foreign Minister Abbas Araghchi said “seizing another nation’s assets to pay for unrelated future claims is an incendiary precedent” after US President Donald Trump said he will use Iran’s seized assets to pay for damaged ships.

“Those who celebrate or profit from such funds should remember: once governments normalize confiscation, no one’s assets are safe,” Araghchi said in a post to X Friday Iran time. “Ensuing chaos will not be pretty or peaceful.”

Trump said Thursday that any damage done to ships or cargo “will be paid for by Iranian money that the United States has in its possession, and controls.”

“These damages may be very substantial, but nevertheless, this is the fair and equitable thing to do,” Trump said in a post to Truth Social.

The post came after Iran-backed Houthi rebels targeted Saudi ships in the Red Sea. Iran has also repeatedly attacked ships in the Strait of Hormuz.

The unfreezing of its assets was a key point for Tehran in the memorandum of understanding it struck with the US in June — an agreement neither side is honoring.

It is difficult to pinpoint the total amount of Iran’s frozen assets, which are spread across various financial networks around the world. Iranian media outlets and analysts estimate that it ranges between $124 billion and $167 billion.

Four killed in strikes on Iran, state media reports

At least four people were killed during strikes on several areas in Iran early Friday, according to Iranian state media. CNN cannot independently verify the reports.

Here are the locations that were reportedly targeted:

Khuzestan: The four reported deaths occurred in the western coastal province of Khuzestan, in what the province’s governor said was a US strike on the city of Ahvaz, Iranian Press TV reported. Several people were also wounded, according to the report.

Also in Khuzestan, missile strikes targeted locations near the cities of Andimeshk and Omidiyeh, IRNA reported.

Markazi: A site on the outskirts of the city of Khondab, which is roughly 150 miles from the Iranian capital Tehran in the central Markazi province, was hit by two projectiles, the province’s deputy governor said, according to IRNA. Authorities are still assessing for casualies and damage, according to the report.

Lorestan: A projectile struck a location in the city of Khorramabad, the deputy governor of the central province of Lorestan said, according to IRNA, which added that authorities are still evaluating possible damage and casualties.

Hormozgan: Two people were wounded in an attack on the port city of Bandar Abbas, state broadcaster IRIB reported.

How the Houthis are making a power play in Iran-US war

Oil topped $100 a barrel for the first time since May after Yemen’s Houthi rebels targeted Saudi ships in the Red Sea, threatening to cut off another route for oil exports already choked by the effective closure of the Strait of Hormuz.

CNN’s Nic Robertson explains who the Iran-backed rebel group is.

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Who are the Houthis and how are they making a power play in Iran-US war?

Oil topped $100 a barrel for the first time since May after Yemen's Houthi rebels targeted Saudi ships in the Red Sea, threatening to cut off another route for oil exports already choked by the effective closure of the Strait of Hormuz. CNN's Nic Robertson explains who the Iran-backed rebel group is.

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US military completes another round of strikes against Iran

The US military completed the 13th consecutive night of strikes against Iran at 9 p.m. ET, US Central Command announced in a post to social media.

“CENTCOM targeted Iranian military command centers, drone storage facilities, communication networks, coastal surveillance sites, and maritime capabilities to further diminish the threat Iran poses to civilian mariners and commercial vessels transiting the Strait of Hormuz,” CENTCOM said on X.

CENTCOM did not provide additional details on the number of targets it struck Thursday.

Iran rejects US ceasefire deal offered via Iraq, NYT reports

Iran rejected a US ceasefire deal Thursday which was presented to Tehran by the Iraqi prime minister, The New York Times reported, citing unnamed Iranian and Iraqi officials.

Full details of the proposal have not been reported. But Iranian officials said Tehran was not interested in a temporary deal which left the question of control of the Strait of Hormuz unresolved, according to the Times.

CNN has reached out to the White House for comment.

The reported rejection comes after nearly two weeks of strikes between the US and Iran.

Iran has continued to attack ships in the Strait of Hormuz, despite the reimposed US naval blockade, and strike American targets in the Middle East, while the US has bombarded military bases and infrastructure across Iran.

Iraqi Prime Minister Ali al-Zaidi visited Tehran Thursday after meeting with US President Donald Trump early last week at the White House.

Ahead of the visit, Iranian Foreign Minister Abbas Araghchi said al-Zaidi might convey messages and viewpoints from Trump, but insisted Tehran is not seeking further mediation with the US.

“The primary obstacle is the irrational, excessive, and hegemonic approach of the US,” Araghchi told the state-run Islamic Republic of Iran Broadcasting (IRIB).

Trump struck a similarly harsh tone Thursday, saying that Iran is “not ready” to strike a deal and its leaders “have some evil intentions.”

4 US troops killed in Iran war removed from Pentagon's casualties website

The Pentagon in Arlington, Virginia, is seen from the air on March 3, 2022.

The Pentagon website that tracks casualties of war removed four soldiers recently killed in the Iran war from the site — reducing the total number of service members killed in the conflict.

The military’s site reported on Wednesday that a total of 18 service members have been killed, but as of today, the Defense Casualty Analysis System lists the total number as 14 killed.

The remains of the four service members were brought back to Dover Air Force Base in a dignified transfer on Wednesday — the most recent casualties in the Iran war. Three of the soldiers were killed recently in Iranian strikes in Jordan, and one was killed in a controlled Iranian drone detonation in Iraq.

Data in DCAS reviewed by CNN appears to show a significant delay in updates, and a Pentagon official previously said that “it can take several days or even weeks for an injury to be documented in military systems” due to medical evaluation and review requirements. The official, however, told CNN that the DCAS database is “regularly updated.”

This post has been updated.

US launches wave of strikes against Iran

The US military is launching more strikes against Iran, US Central Command said in a social media post.

“This is the 13th consecutive night of strikes aimed to hold Iran accountable and diminish threats from the Islamic Revolutionary Guard Corps to commercial shipping,” CENTCOM said on X, adding that strikes began at 6:45 p.m. ET.

President Donald Trump signaled earlier today that he is not yet ready to negotiate a new ceasefire with Iran, saying, “They need more of the same” following consecutive days of airstrikes.

Britain ready to defend RAF Fairford after Iran threatens to attack US bomber base

A United States Air Force B-52 Stratofortress bomber, which is loaded with munitions, departs from RAF Fairford airbase, amid the US conflict with Iran, in Fairford, Gloucestershire, Britain, April 7.

The United Kingdom has said its armed forces are ready to protect the country ​from any attack after Iran issued ‌a warning over allowing US bombers to fly from UK bases.

Iran threatened to target RAF Fairford in southwest England, saying any base used to launch attacks on Iranian territory would be considered a “legitimate target.”

In a statement carried by the semi-official Tasnim news agency, the Islamic Revolutionary Guard Corps claimed the US had resumed using B-1 long-range bombers on strike missions flying from Fairford. CNN cannot independently verify the Iranian claim; Axios reported the US military used a B-1 on Tuesday to strike IRGC targets in Iran.

Ebrahim Azizi, the influential chairman of the Iranian parliament’s national security committee, also threatened Diego Garcia, a joint US-UK military base in the Indian Ocean.

“The day is not far when you will lose Diego Garcia, like your other colonies,” he wrote on Thursday in a post on X. “The UK would be wise to reflect on the fragility of its own borders and to recognize that Iran’s capabilities extend far beyond military options.”

RAF Fairford in Gloucestershire has served as a forward operating base for US strategic bombers and other aircraft during the war with Iran. B-1 Lancers began arriving there in early March, followed by B-52 Stratofortresses, and both aircraft types have flown missions against Iran from the base.

The base is about 2,800 miles from Tehran and it is unclear whether Iran has the capability to carry out a precision strike at such a long distance.

Iran demonstrated a longer-range capability when it fired at least two missiles toward Diego Garcia in March, but neither reached the base. Diego Garcia is part of the Chagos Islands, an archipelago more than 1,000 miles (1,609 kilometers) northeast of Mauritius. The UK took over the islands along with Mauritius in 1814 after the defeat of Napoleon.

This post has been updated with additional information.

Trump says damage done to ships will be “paid for by Iranian money” the US controls

President Donald Trump said Thursday that any damage done to ships or cargo “will be paid for by Iranian money that the United States has in its possession, and controls.”

“These damages may be very substantial, but nevertheless, this is the fair and equitable thing to do,” Trump said in a Truth Social post.

The post comes after Iran-backed Houthi rebels targeted Saudi ships in the Red Sea, causing oil prices to surge to $100 a barrel for the first time since May of this year.

It is difficult to put a definitive total on the amount of frozen Iranian assets, which are spread across various financial networks.

But the unfreezing of those assets was a key point for Tehran in the memorandum of understanding struck between Iran and the United States in June — an agreement neither side is honoring, as military strikes in the region continue and Iran has repeatedly attacked ships in the Strait of Hormuz.

Trump signals that a US-Iran ceasefire isn't imminent. What to know as conflict escalates

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Residents in Iran decry “cycle of war” as US strikes ravage region
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Iran needs “more of the same,” US President Donald Trump said today following several consecutive days of US airstrikes.

US strikes on Iran have now been going on for more than a week after Tehran started attacking ships in the Strait of Hormuz. The active conflict has spiked global oil prices back above $100 per barrel.

Here’s the latest:

  • A ceasefire with Iran may not be coming in the immediate, Trump signaled today. “They would like to do something, but I say they’re not ready yet. They need more of the same,” he said, adding that Iran’s leaders “have some evil intentions.”
  • Earlier in the day, Trump told Axios he was “considering a massive attack” on Iran and that he was “close to making a decision.” In the interview, he also said Israel “would join in two minutes if I ask them to,” but he added that “we don’t need anybody” to launch a new operation.
  • Iranian forces launched repeated drone assaults on northern Kuwait, according to the Kuwaiti defense ministry. Other Persian Gulf nations that host US military bases, including Bahrain, have come under repeated Iranian fire in recent days.
  • Attacks on infrastructure in Iran will be met with a “severe and escalatory” response, Mohsen Rezaei, the senior military adviser to Iranian Supreme Leader Mojtaba Khamenei, said. Yesterday, Trump threatened that the US would strike a bridge or power plant every time Iran targeted a ship transiting the Strait of Hormuz.
  • Yemen’s Houthi rebels, a key ally of Iran, claimed to have hit two Saudi oil tankers in the Red Sea. Trump today said the US would hold Iran responsible for any future attacks by the Houthis. Earlier this week, the Houthis threatened to blockade the critical Bab al-Mandeb Strait, which connects the Red Sea and Gulf of Aden.
  • Israel’s Mossad spy agency revealed details of an alleged Iranian plot to target senior officials in Israel by recruiting operatives abroad. CNN has reported that Israel has been facing an unprecedented wave of domestic espionage since 2023.
  • The situation in the Middle East is “getting out of control,” UN Secretary-General Antonio Guterres warned today.
  • Meantime, the US Senate failed to advance a resolution aimed at rebuking Trump over the war in Iran. Earlier today, the House earlier passed a measure to limit his war powers.

CNN’s Aditi Sangal Adam Cancryn, Aida Karimi, Sana Noor Haq, Adrienne Vogt, Aida Karimi, Dalia Abdelwahab, Morgan Rimmer, Sophie Tanno and John Towfighi contributed reporting to this post.

This post has been updated with additional information.

Israeli spy agency reveals alleged Iranian plot to target senior officials inside Israel

Israel’s Mossad spy agency has revealed details of an alleged Iranian plot to target senior officials in Israel by recruiting operatives abroad.

Iran’s Ministry of Intelligence attempted to infiltrate foreign citizens into Israel to target senior Israeli figures, according to a statement from the Prime Minister’s Office, issued on behalf of the Mossad.

The ministry used “criminal proxy operatives” to recruit people who could enter Israel and use them to collect information about potential targets and ultimately carry out attacks, the Mossad said. The Mossad and the Shin Bet domestic security agency worked with international partners to disrupt “dozens of attack plots by Iran,” the agency said, adding that the investigations have saved “numerous lives and enabled investigative and legal actions against those involved in terrorism.”

“Despite these efforts to conceal Iran’s direct involvement, the proxy method has repeatedly proven vulnerable, with operational failures exposing the Iranian handlers behind the attacks,” the statement said.

CNN has reported that Israel has been facing an unprecedented wave of domestic espionage since 2023, and at least 60 Israelis have been indicted on charges of spying for Iran. Several sites that prosecutors say were filmed by the alleged spies have been targeted in Iranian missile attacks on Israel during the conflict with Iran.

Global oil benchmark settles above $100 per barrel for first time in 2 months

Workers walk in the Zubair oil field, whose operations have being reduced since the start of the Iran war, near Basra, Iraq, March 28.

Oil prices surged Thursday and Brent crude settled above $100 per barrel for the first time in two months, as widening conflict in the Middle East raised nerves about inflation and stoked volatility in global markets.

  • Brent crude, the global oil benchmark, rose about 7% to settle at $100.69 per barrel. It was Brent’s highest settle since May 22.
  • WTI, the US benchmark, rose 6.17%, to settle at $92.19 per barrel. It was WTI’s highest settle since June 4.

Escalating tensions around the Hormuz and Bab al-Mandeb straits sent oil prices climbing for the fifth straight day.

After declining from peaks in the spring, oil prices have surged this month as the conflict in the Middle East has intensified: Brent crude settled at $71.57 on July 1 and is now trading at just over $100 per barrel. The global oil benchmark has surged 40% in three weeks.

Other markets:

  • The rebound in oil prices has sent bond yields higher. The US 10-year Treasury yield rose to its highest level since January 2025. The 10-year yield influences mortgage rates.
  • The Dow was down 550 points, or more than 1%. The S&P 500 fell 1.4%, and the Nasdaq Composite sank 2.5%.

Trump signals little immediate appetite for ceasefire with Iran

US President Donald Trump departs the White House on July 23,

President Donald Trump signaled that he is not yet ready to negotiate a new ceasefire with Iran, saying Thursday that “they need more of the same” following several consecutive days of airstrikes.

“We’re doing very well against the Islamic Republican of Iran, we’re doing extremely well,” Trump said during an appearance at the Environmental Protection Agency. “They would like to do something, but I say they’re not ready yet. They need more of the same.”

The president added that Iran’s leaders “have some evil intentions,” before reiterating his vow that the country would not be allowed to have a nuclear weapon.

Strikes in Iran have now been going on for more than a week after Iran started attacking ships in the Strait of Hormuz. The active conflict has spiked global oil prices back near the $100-per-barrel level.

The US has battered targets across Iran over the last week, in addition to reimposing a naval blockade of Iranian ships in the strait.

Iran warns of "severe" response to any US strikes on bridges or power plants

Adviser to Iran's supreme leader Mohsen Rezaei attends a farewell ceremony for Iran's late Supreme Leader Ayatollah Ali Khamenei for international delegates at the Imam Khomeini Grand Mosalla in Tehran, July 3.

Mohsen Rezaei, the senior military adviser to Iranian Supreme Leader Mojtaba Khamenei, has accused US President Donald Trump of making “fatal mistakes,” in his conflict with Iran.

“The delusional US president has, through a series of fatal mistakes, gone from playing the ‘madman’ to playing the ‘desperate man,’” Rezaei said.

Rezaei said that an “attack on pilgrims” in Shalamcheh, an Iranian town situated on the border with Iraq, and the threats of infrastructure strikes are “nothing but signs of desperation and helplessness.”

“Iran’s response to attacks on its infrastructure will be severe and escalatory,” he added.

On Wednesday, Trump warned Tehran that the US will “bomb and destroy ONE BRIDGE OR POWER PLANT” every time Iran targets a ship transiting the Strait of Hormuz.

Iran fires drones toward Kuwait-Iraq border, Kuwaiti defense ministry says

Iranian forces launched repeated drone assaults on northern Kuwait on Thursday, according to the Kuwaiti defense ministry, as Tehran escalates strikes on US-allied Gulf nations.

Earlier today, an attack at the Abdali border crossing with Iraq “resulted in material damage,” ministry spokesperson Maj. Gen. Saud Abdulaziz Al-Atwan said in a statement.

No one was injured or killed, the statement added, stressing the Kuwaiti armed forces’ “ongoing readiness and constant preparedness to protect the nation’s borders.”

Al-Atwan issued a similar statement after the second round of attacks.

“Relevant authorities were able to kickstart the necessary procedures upon the strikes taking place, and were able to deal with the situation in coordination,” Al-Atwan’s statement read in an Arabic-language X post by the Kuwaiti Armed Forces.

Other Persian Gulf nations that host US military bases, including Bahrain, have come under repeated Iranian fire in recent days — after Washington escalated its assault on Iran following Tehran’s attacks on vessels in the Strait of Hormuz.

This post has been updated with information on further attacks.

Senate rejects effort to rebuke Trump over war in Iran

The US Senate failed to advance a resolution Thursday aimed at rebuking President Donald Trump over the war in Iran, in the chamber’s first direct vote on the issue since the end of the ceasefire. The final tally was 47-49.

This comes after the House earlier today voted to limit Trump’s war powers, passing a similar measure.

In June, during the ceasefire, the Senate adopted a resolution aimed at removing military forces from Iran, though the chamber walked back the rebuke a day later when they failed to advance a similar war powers measure.

Republican Sen. Susan Collins voted with Democrats in an effort to limit the president’s war powers, while Democratic Sen. John Fetterman voted with the rest of the Republican conference to reject the measure.

Sen. Bill Cassidy had previously pushed back on the lack of transparency surrounding the war on the Senate floor and went toe-to-toe with Trump over the issue during a closed-door Republican luncheon in June. After receiving a briefing, Cassidy voted against the next war powers measure to come to the floor for a vote.

The president has sharply criticized Republicans for voting for to advance previous war powers resolutions, chastising them in meetings and posting on Truth Social that they are “losers” who “made my job more difficult.”

This is the 12th time the Senate has voted on an Iran war powers measure since the beginning of the year.

Situation in Middle East "getting out of control," UN chief warns

The situation in the Middle East is “getting out of control,” UN Secretary-General Antonio Guterres warned today, adding, “It’s time to step back.”

In a message to world leaders, Guterres wrote on X, “The fighting must stop everywhere.

“Freedom of navigation must be restored. Diplomacy is the only way forward.”

Recapping the latest: Another critical waterway threatened in Middle East

A view of a village on the coast of Bab al-Mandeb, Yemen, on April 2, 2026.

If you’re just tuning in, the focus has been on developments in critical waterways in the Middle East. The Iran-backed Houthis of Yemen have threatened to blockade the Bab al-Mandeb, a major bypass of the Strait of Hormuz, while there’s also been attacks in the Red Sea.

Here are the key things to know, plus other developments in the war with Iran:

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Second critical waterway threatened by Iran war

Yemen’s Iran-backed Houthis have announced a naval blockade against Saudi Arabia that would impact ships in Bab al-Mandab Strait, a key export route for the kingdom’s oil after the effective closure of the Strait of Hormuz. CNN’s Kristie Lu Stout explains how this could impact the already unstable global oil market amid the Iran War.

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In other news:

  • The US continues to strike Iran, while Tehran launches widening attacks on US allies in the region. Jordan and Kuwait reported incoming Iranian fire on Thursday. The UK warned against all but essential travel to Kuwait and Bahrain.
  • Trump placed a new condition on this week’s nuclear agreement with Saudi Arabia, saying the country now must join the Abraham Accords. Israeli Prime Minister Benjamin Netanyahu applauded the development.
  • The US House of Representatives voted to halt Trump’s war in Iran absent congressional approval, marking another significant rebuke of the president’s war powers. Even if the Senate passes a similar measure in an upcoming vote today, the concurrent resolutions lack the force of law. But the votes have highlighted growing discontent from some Republicans over the ongoing conflict.

CNN’s David Goldman, Hanna Ziady, Billy Stockwell, Betsy Klein, Alejandra Jaramillo, Adrienne Vogt, Aida Karimi, Sana Noor Haq, Duarte Mendoca, Dana Karni, Oren Liebermann, Lauren Chadwick, Nic Robertson, Mostafa Salem and Ellis Kim contributed to the report.

White House says Saudi deal is "off" unless kingdom normalizes relations with Israel

WASHINGTON, DC - NOVEMBER 18: U.S. President Donald Trump (C-R) welcomes Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia (C-L) during an arrival ceremony at the White House on November 18, 2025 in Washington, DC. Trump is hosting the crown prince for meetings aimed at strengthening economic and defense ties, including the U.S. sale of F-35 fighter jets to Saudi Arabia. (Photo by Chip Somodevilla/Getty Images)
Saudi-US nuclear deal sparks fear of arms race across region
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WASHINGTON, DC - NOVEMBER 18: U.S. President Donald Trump (C-R) welcomes Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia (C-L) during an arrival ceremony at the White House on November 18, 2025 in Washington, DC. Trump is hosting the crown prince for meetings aimed at strengthening economic and defense ties, including the U.S. sale of F-35 fighter jets to Saudi Arabia. (Photo by Chip Somodevilla/Getty Images)
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The White House said Thursday that an already signed civilian nuclear deal with Saudi Arabia is “off” unless the kingdom normalizes diplomatic relations with Israel.

Press secretary Karoline Leavitt pointed to President Donald Trump’s repeated past statements pressing other countries, including Saudi Arabia, into joining the Abraham Accords.

But she stopped short of providing a full explanation for why Trump’s new condition on the nuclear arrangement wasn’t spelled out before the deal was inked on Wednesday.

“The president is always the final dealmaker, as you know,” she said. “This is something he has mentioned on numerous occasions.”

And she denied that Israeli Prime Minister Benjamin Netanyahu had requested the new condition. “Not to my knowledge, no. Again, as I told you, this was an idea the president has long had.”

Leavitt said Trump would continue conversations with Saudi leaders on normalization, but that the president hadn’t spoken to Saudi Crown Prince Mohammed bin Salman — who has stated plainly that he will not normalize relations with Israel unless there is a clear pathway toward a Palestinian state — since Trump unveiled the new condition.

“The president just put out this statement a few hours ago. I don’t believe he’s had a call with MBS in the hours since. However, this is something that he has raised in previous conversations and has also said many times in the past,” Leavitt said.

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