# US Airstrikes on Iran and Diplomatic Efforts Tensions in the Strait of Hormuz and hopes for diplomatic solutions. - **Source:** [Fortune](https://fortune.com) - **Published:** 2026-07-20 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/4140a16d-80e6-422d-a7c8-3d1efccee36f ## Tensions in the Strait of Hormuz The US conducted its 10th consecutive night of airstrikes on Iran, aiming to weaken Iran's military capabilities targeting commercial ships. The Strait of Hormuz remains a critical route for global energy supplies. ## Hopes for Diplomatic Solutions Iran's Interior Minister traveled to Pakistan for mediation talks. This diplomatic effort raises hopes for a renewed ceasefire between the conflicting parties. ## Impact on Energy Markets The conflict in the Strait of Hormuz has driven oil prices higher. Brent crude prices surpassed $88, and US gasoline prices averaged $4 per gallon. ## Iran's Counterattacks Iran launched attacks on US allies Kuwait, Jordan, and Bahrain, escalating tensions in the region. ## Houthi Threat Iran-backed Houthi rebels announced plans to block Saudi Arabia's oil shipments in the Red Sea, posing a new threat to global energy markets. ## Global Impact of the Conflict The conflict in the Strait of Hormuz threatens global energy supply. Accelerating diplomatic solutions is crucial for both regional and global stability. ## Sources covering this story - https://fortune.com/2026/07/20/us-military-10th-straight-airstrikes-iran-houthi-allies-red-sea-diplomatic-front/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._