Trump Orders Iran Strikes as Oil Hits $100 Barrel

President Donald Trump authorized 13 consecutive nights of military strikes on Iranian targets and infrastructure between July 23 and 24, 2026. The escalation followed Houthi rebel attacks on Saudi oil tankers in the Red Sea and the near-closure of the Strait of Hormuz. Iran retaliated with missile and drone strikes against U.S. military facilities in Kuwait, Jordan, and Bahrain. Trump vowed "major military punishment" for the Houthis and Iran, stating that frozen Iranian funds would pay for damages to ships and cargo.

The geopolitical shock pushed Brent crude oil prices above $100 per barrel, reigniting global inflation fears. This volatility coincided with a massive sell-off in technology stocks, as Alphabet Inc. and Tesla reported significant cash burn and increased capital expenditures for AI infrastructure. The Nasdaq Composite and S&P 500 suffered steep losses, while Asian markets in Tokyo and Seoul plummeted due to concerns over AI investment sustainability.

Adding to global instability, the Trump administration imposed new tariffs of 10% to 12.5% on 60 trading partners, including China, India, and the European Union, citing forced labor concerns. In response to the energy shock, the European Central Bank held rates at 2.25% but signaled potential hikes. Meanwhile, the U.S. House of Representatives voted to limit the president's ability to conduct further military actions without congressional approval, though the resolution's binding nature remains disputed.