Middle East Conflict Escalates as Trump Threatens Iran and Houthis Amid Red Sea Shipping Disruptions and Oil Price Surge

The Middle East conflict intensified on July 24, 2026, with U.S. President Donald Trump threatening 'major military punishment' for Iran and its Houthi allies following Houthi attacks on two Saudi oil tankers in the Red Sea. This development extends the conflict to a second critical shipping chokepoint, alongside Iran's near-closure of the Strait of Hormuz, leading to a surge in global oil prices above $100 a barrel. The U.S. military continued its strikes on Iran for the 13th consecutive night, while Iran's Revolutionary Guards reportedly intercepted three oil tankers attempting to transit the Strait of Hormuz.