U.S. Expands Military Strikes in Iran Amid Global Market Slump

The Federal government of the United States launched a wave of military attacks across multiple locations in Iran on Wednesday night, later expanding those strikes. In response, the Government of Iran retaliated by attacking U.S. military bases in neighboring Gulf States and conducting strikes against other neighboring countries.

Iranian officials warned that they would target key sites in the Middle East if further Iranian infrastructure is hit and declared the Strait of Hormuz to be an "unbreakable redline."

These escalating conflicts contributed to a broad downturn in global markets on Thursday, July 16, 2026. Asian shares fell sharply, with Japan's Nikkei plunging 2.79 percent and the Kospi slumping 6.37 percent. In Europe, the German DAX fell 161.90 points, or 0.65 percent, to 24,856.91, driven by the geopolitical tension and a technology sector sell-off. U.S. futures indicated that Wall Street would open in negative territory.

Commodity prices reacted to the instability, with Brent crude futures dropping nearly 1 percent to $84.17 a barrel and gold prices decreasing. Separately, Uber Technologies launched a public takeover offer for the German food-delivery company Delivery Hero at €41.50 per share.