Trump Seizes Iranian Assets as US Strikes Enter 13th Night

President Donald Trump announced on July 24 that the United States will use frozen Iranian assets to compensate for damages to ships and cargo in the Gulf region. This financial measure coincides with a military escalation as US Central Command completed its 13th consecutive night of strikes against Iranian military targets, including missile storage and air defense assets on Qeshm Island and near Andimeshk, Omidiyeh, and Firuzabad. One attack on the outskirts of Ahvaz killed four people and wounded five.

US Central Command stated the strikes aim to degrade Iran's ability to threaten commercial vessels as the US seeks to regain control of the Strait of Hormuz. Meanwhile, Iran-backed Houthi rebels attacked two Saudi oil tankers, including the Encelia, in the Red Sea and threatened to close the Bab el-Mandeb Strait. Trump threatened the Houthis with "major military punishment."

Iranian Foreign Minister Abbas Araghchi condemned the asset seizure as an incendiary precedent, warning that it jeopardizes the safety of all national assets. Despite a peace mission by Iraqi Prime Minister Ali al-Zaidi to Tehran, tensions have pushed Brent crude oil prices above $100 per barrel. International bodies, including the UN and EU, have warned that the region is spiraling toward wider instability.