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Iran vows relentless retaliation as Middle East war expands, oil markets on edge

by Emerald News Reporter
July 23, 2026
in Special Report
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Iran has declared it will continue launching retaliatory military strikes for as long as the United States carries out attacks on its territory, signalling a further escalation in a conflict that is rapidly spreading across the Middle East.

The renewed fighting comes after a brief ceasefire collapsed, reigniting hostilities between Tehran and Washington and raising fresh concerns over regional security and the global economy. The conflict has also intensified around the strategically important Strait of Hormuz, a vital shipping route through which a significant share of the world’s oil supply passes.

Iran’s military spokesperson, Mohammad Akraminia, said the country’s armed forces would maintain retaliatory operations until US attacks on Iranian infrastructure and coastal areas cease.
The warning followed another wave of US military strikes targeting Iranian facilities.

According to US Central Command, the operations were intended to weaken Iran’s ability to threaten commercial shipping and civilian vessels operating in regional waters.

US President Donald Trump also warned that Washington would respond forcefully to any Iranian attack on vessels in the Strait of Hormuz, stating that Iranian civilian infrastructure could become a target if shipping lanes remain under threat.

Iranian Foreign Minister Abbas Araghchi responded by saying Tehran would match any attack on its infrastructure with a proportional response, stressing that Iran’s defence policy remains based on the principle of “an eye for an eye.”

Also Read:

Trump Escalates Iran Standoff With New Threats as Hormuz Crisis Shakes Global Oil Markets

US-Iran war escalates as Washington says conflict has cost $37.5bn, fresh strikes hit Tehran

Middle East Crisis Deepens as Iran Expands Strikes, Threatens Global Oil Supply

Global markets on edge as oil prices plunge despite explosive US-Iran military escalation

Iranian state media also reported casualties following alleged US strikes near the Iraqi border and said missiles struck Bushehr, home to Iran’s only civilian nuclear power plant.

The conflict has widened with Yemen’s Houthi movement announcing missile and drone attacks on Saudi oil tankers in the Red Sea after declaring a blockade of Saudi ports. Saudi authorities confirmed that one of the tankers had been hit, while maritime security agencies reported a fire aboard a commercial vessel following an attack by an unidentified projectile.

The developments have increased fears that shipping disruptions could spread beyond the Strait of Hormuz, further affecting global energy supplies.
Iran’s Revolutionary Guards also claimed they had intercepted several oil tankers attempting to transit the Strait of Hormuz, warning that vessels travelling without Iran’s approval could face military action.

The growing tensions pushed global oil prices higher, with Brent crude climbing nearly four percent as investors worried about possible supply disruptions and their impact on inflation and economic growth worldwide.

Meanwhile, US Secretary of State Marco Rubio accused Iran of drawing the Houthis deeper into the conflict, expressing hope that the group would step back from further attacks on Red Sea shipping.

Oman, which has long served as a mediator between Saudi Arabia and the Houthis, said it was working to revive dialogue and expressed deep concern over the deteriorating security situation in the region.

The latest developments underscore growing fears that the conflict could draw in more regional actors, disrupt global trade routes and further destabilise international energy markets.

Tags: Global Oil MarketIranMiddle East conflict
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