Geopolitical events
On July 20, 2026, the United States military executed a significant wave of airstrikes against Iranian underground missile facilities following the confirmed death of a third U.S. service member in the region. Iran responded by launching drone and missile attacks against Bahrain—home to the U.S. Navy's 5th Fleet—and Kuwait, further destabilizing the Persian Gulf. This escalation has effectively paralyzed commercial transit through the Strait of Hormuz, causing benchmark Brent crude prices to surge past $90 per barrel. President Donald Trump characterized the strikes as a "decisive response to unprovoked aggression," while global energy markets brace for a protracted supply crisis.