US conducts third night of strikes on Iran as Tehran retaliates with Gulf attacks; Trump reverses Hormuz toll plan

The US conducted a third night of strikes on Iran, deploying kamikaze drone boats for the first time. Tehran retaliated with cruise missiles hitting UAE tankers, killing one crew member, and targeting US bases in Kuwait, Bahrain, and Jordan. Amid the flare-up, Brent crude surged over 9% to $81 a barrel as Hormuz shipping traffic plunged 52%. President Trump reversed his proposed 20% transit fee after talks with Gulf leaders, opting instead for massive trade and investment deals.

US strikes on Iran

• ▪US forces utilized Corsair unmanned surface kamikaze drone boats for the first time to strike a submarine and ship maintenance facility at Bandar Abbas
• ▪US Central Command conducted a five-hour operation striking military targets in Bushehr, Chah Bahar, Jask, Konarak, Abu Musa, and Bandar Abbas
• ▪Iranian state media reported explosions on Kish and Qeshm islands, including a projectile strike near a water and electricity facility on Kish
• ▪The United States military carried out air strikes against targets in Iran for a third consecutive night on July 13, 2026

Iranian attacks on Gulf

• ▪Iranian cruise missile strikes on two UAE oil tankers in Omani waters killed one Indian national crew member and injured eight others
• ▪Iran's Islamic Revolutionary Guard Corps launched retaliatory strikes on July 14, 2026, targeting UAE-flagged oil tankers in the Strait of Hormuz
• ▪Iran launched drone and missile attacks targeting US military facilities in Bahrain, Kuwait, and an airbase in Jordan
• ▪Jordan's military shot down four Iranian-fired missiles in Jordanian airspace on July 14, 2026

Trump blockade threats

• ▪US President Donald Trump reversed his proposal to impose a 20 percent reimbursement fee on maritime traffic passing through the Strait of Hormuz
• ▪Donald Trump announced that massive trade and investment deals with Gulf states would replace the proposed 20 percent Strait of Hormuz transit fee
• ▪The United States Navy-led Joint Maritime Information Centre confirmed a blockade on Iranian ports and southern coastlines starting July 14, 2026

Congressional war authorization

• ▪Donald Trump invoked executive authority to keep US forces in combat with Iran for 60 days without receiving congressional approval
• ▪US President Donald Trump formally notified Congress on July 10, 2026, that military hostilities with Iran had resumed on July 7, 2026

Hormuz shipping disruption

• ▪Global Brent crude oil prices rose more than 9 percent on July 13, 2026, climbing to approximately $81 per barrel
• ▪BP projected a second-quarter oil trading boost from rising crude prices but braced for a write-down of approximately £740 million
• ▪Strait of Hormuz maritime crossings fell by approximately 52 percent between July 10 and July 12, 2026, compared to the prior week