U.S. carries out 11th straight night of strikes on Iranian targets over Hormuz shipping dispute

AI Market Summary
Escalating U.S. strikes on Iranian targets for an 11th consecutive night heighten geopolitical risk around the Strait of Hormuz, a key chokepoint for global energy flows. The breakdown in adherence to the June 17 memorandum and weak negotiation engagement increases the perceived probability of shipping disruption, insurance cost increases, and risk premia across energy and broader risk assets. Near-term sensitivity is highest in crude benchmarks and related volatility.
Impact level
● High
Affected assets
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AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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According to Huo Xing Finance, U.S. Secretary of State Marco Rubio said on July 22 that Iran has not met its commitments related to the Strait of Hormuz, prompting U.S. forces to conduct strikes on Iranian targets for an 11th consecutive night aimed at further reducing Tehran's capacity to threaten commercial shipping. U.S. Central Command (CENTCOM) said the latest operation hit Iranian military command centers, drone storage sites, and logistics infrastructure. Rubio made the comments on the sidelines of the ASEAN Foreign Ministers' Meeting in the Philippines. He said Washington still favors a diplomatic solution, but described Iran as "not engaging seriously in negotiations." He said the dispute centers on Iran's demand for authority over shipping management in the Strait of Hormuz, calling the claim incompatible with international law. Rubio warned that allowing any country to control an international waterway, levy tolls, and threaten vessels for nonpayment would set a precedent that could spread to other regions. The U.S. and Iran signed a temporary memorandum of understanding on June 17, agreeing to pause military actions, restore shipping through the Strait, and open a 60-day negotiation window toward a longer-term agreement covering Iran's nuclear program. The two sides differ over the Strait's governance: Iran says the memorandum acknowledges its right to take part in shipping management and potentially collect fees, while the U.S. insists the passage must remain open to free navigation without mandatory tolls or restrictions. Rubio said the current strikes reflect Iran's failure to uphold its commitments, adding that the United States will continue to protect its own interests and those of its allies and safeguard freedom of navigation along this critical global energy transport route.