Key takeaways
- CENTCOM has confirmed two American deaths and one soldier missing after the July 17 Iranian strike in Jordan.
- Brent and WTI gained 3% to 7% as Iran threatened the Strait of Hormuz, source of 20% of the world’s oil.
- Trump said the United States would complete its military objectives “very soon” as strikes against Iran entered their eighth night.
US Central Command disclosed that Iran fired ballistic missiles and drones at Muwaffaq Al Salti Air Base in Jordan on July 17. Two soldiers died, a third is still missing and four others were hospitalized and then released.
CENTCOM called the barrage a retaliation against the ongoing US bombing campaign, which is in its eighth night since July 19. US planes struck Qeshm Island around 6:10 a.m. local time on Sunday, hitting coastal surveillance sites, air defenses and drone installations. Iranian media reported new shots were carried out near Shadegan, in Khuzestan province, and around Sirik, without further mass casualties being reported immediately.
The fighting dates back to a war that began in late February 2026. A memorandum of understanding reached in June briefly halted hostilities, but the truce was repeatedly broken down due to strikes linked to control of the Strait of Hormuz. Neither side opted for a ground invasion, but the campaign expanded to hit civilian infrastructure alongside military sites.
Soldier dies in Iraq
A second American soldier died on July 18 in northern Iraq during the controlled detonation of an unexploded ordnance left behind by a previous Iranian drone strike. Another was slightly injured. CENTCOM explain that he withheld the names of the two soldiers pending notification of the family.
President Donald Trump said the troops “died to stop Iran from getting a nuclear weapon.” He pledged to contact their families directly and said the United States would achieve its military objectives “very soon.”
Asset also insisted on Iran’s confidence. He called recent Iranian moves toward a deal a sign of “desperation” and questioned whether Tehran would honor a deal covering its nuclear program or access to the Strait of Hormuz. On Truth Social, he pushed Republicans to add Iran to Russia sanctions bill.
Khamenei rejects truce conditions
Iranian Supreme Leader Mojtaba Khamenei sentenced the United States is in violation of the memorandum reached last month, calling Trump’s signing of the deal “totally worthless and devoid of credibility.” He warned of “unforgettable lessons” if the campaign continued.
The Hill reported that Deputy Foreign Minister Kazem Gharibabadi accused Washington of abandoning the terms of the interim agreement. Iranian state media Tasnim and IRNA reported strikes near Sirik, Shadegan and Bandar Abbas, as well as damage to a desalination plant in Bonji and a second facility on Qeshm island that cut off access to water for thousands of residents.
Iran has claimed retaliation against US-linked sites in Kuwait, including an ammunition depot at Al Adiri camp and a Patriot radar facility at Ali Al Salem base. Iranian media put recent losses at more than 50 dead and 500 injured, a figure not independently verified.
Oil and markets react
The Strait of Hormuz carries nearly a quarter of the world’s maritime oil, and the threat to shipping has pushed Brent and West Texas Intermediate crude up throughout the week, with gains in the range of 3% to 7% directly linked to the strikes. Tanker traffic crossing the strait has fallen to its lowest level in two months.
U.S. stock futures turned cautious heading into Monday. The S&P 500 slipped toward the 743 level and Nasdaq futures fell about 1.5% as technology and semiconductor stocks lagged, while energy and defense stocks gained ground. Gold moved closer to the $4,000 mark as investors sought safety, and the dollar strengthened on the same flows.
Bitcoin has been trading lower alongside the stock over the past week, but it manages to trade just below the $65,000 range. Viewing seven-day statistics BTC is still in the green by 1.5% as of July 19 at 7 p.m. EDT. THE crypto the economy as a whole grew a modest 0.08% over the past day, standing at $2.21 trillion.
Along with these markets, U.S. Treasury yields fell this week as bond prices rose on demand for security, as well as options and commodities. trade volume climbed as investors watched for signs of a de-escalation or a new incident in Hormuz.
US State Department Issues Caution Advisory
The State Department issued a global caution advisory urging U.S. citizens abroad to exercise increased vigilance as the conflict widens. No ground invasions have officially taken place, but strikes on infrastructure, from desalination plants to electrical installations, have extended the scope of the war beyond military targets and raised humanitarian concerns about access to water for civilians.
Asset reported campaign would continue without a quick resolution, telling reporters he expected the United States to hit Iran “extremely hard” if Tehran did not agree to terms. Khamenei’s office, by contrast, has argued that further U.S. strikes would prompt a proportional response, presenting Iran’s retaliatory attacks as defensive measures against what officials have called repeated aggression.
