# Iran's attacks escalate tensions, global energy markets on alert Strait of Hormuz crisis drives oil prices up, creating uncertainty in global markets. - **Source:** [Fortune | FORTUNE](https://brifing.si/source/769282ef-327a-4454-909a-3c7936216004) - **Published:** 2026-07-18 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/4ca568ce-d93d-4bf9-8b4c-81f7cc3ffd7d ## Battle for critical waterway control The Strait of Hormuz, a strategic chokepoint for 20% of global oil trade, has become the focal point of escalating tensions between the U.S. and Iran. Recent attacks targeting commercial vessels and energy infrastructure threaten global supply chains, with both nations vying for control over this vital maritime route. ## U.S. retaliatory measures intensify Following the deaths of U.S. troops in Jordan, American airstrikes have targeted Iranian Revolutionary Guard positions near the Strait. However, these actions haven't deterred Iran's attacks on commercial shipping, instead fueling a dangerous cycle of escalation that risks spiraling into full-scale conflict. ## Oil markets feel the shockwaves As hostilities escalate, crude oil prices are surging while consumer nations face decades-low stockpile levels. The potential prolonged closure of the Strait of Hormuz could trigger panic in energy markets. The global economy appears unprepared for another major oil supply shock amid already strained conditions. ## Iran's economic resilience Despite suffering under U.S. sanctions, Iran maintains significant leverage through its threat to close the Strait. Analysts warn that Iran may inevitably impose transit fees, with U.S. military actions only strengthening Tehran's resolve to weaponize this strategic waterway against economic pressure. ## Fading hopes for peace The collapsed ceasefire agreement leaves little room for renewed negotiations. Iran's Supreme Leader threatens 'unforgettable lessons' for the U.S., while experts warn the current tit-for-tat dynamic risks evolving into a perpetual conflict with no clear exit strategy for either side. ## Deepening global crisis The Strait of Hormuz crisis has transcended regional conflict, now posing systemic risks to energy security, global trade, and economic stability. The world watches anxiously as the standoff continues - the parties must either negotiate or face the growing probability of wider war, with consequences that would ripple across international markets. ## Sources covering this story - https://fortune.com/2026/07/18/iran-trump-red-line-all-out-war-us-troops-deaths-oil-hormuz/ — --- _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._