- IRGC claimed closure of vital waterway while Iran targeted US fleet in Bahrain; IMO condemned the attack, and Trump signaled further military action.
- Iran strikes US command centers and bases in Jordan, Bahrain, and Kuwait.
- Iranian drones and missiles target bases in Bahrain and Kuwait, while IRGC conducts attacks on commercial vessels.
- The Islamic Revolutionary Guard Corps attacked commercial ships in the Strait of Hormuz on July 1, 2026.
Strikes against Iran have raised oil supply risks, causing average gas prices to reach $3.79.
1 report, 1 independent
Updated Jul 7
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What happened
Strikes against Iran have raised oil supply risks, causing average gas prices to reach $3.79.
Who's involved
What this event is mainly aboutKeep exploring
The entities involved
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Hormuz
city in Hormozgan Province, Iran
Related events
- War in Iran caused oil prices to skyrocket, leading to increased fuel costs due to regional instability in the Hormuz area.
- The Iran war and associated maritime conflicts are causing severe energy shocks, driving up costs for inputs like fertilizer, diesel, and U.S. beef.
- Geopolitical tensions in the Middle East are causing oil price volatility, impacting the operational costs of international carriers like Qantas and Virgin Australia.
- U.S. air strikes in Jordan and drone attacks against Saudi targets occurred as Iran maintained control of the Strait of Hormuz, causing oil prices to drop.
- US-Iran conflict impacts gas supply lines through the Strait of Hormuz.