Iran War

• Oil prices have climbed above $90 a barrel following Iranian military attacks on two tankers in the Strait of Hormuz. • Tehran has criticized the U.S. by comparing Donald Trump's attacks on bridges to the tactics used by ISIS. • A U.S. official told the Washington Post that the United States is preparing for a wider conflict by rushing military aircraft into the region.

• Oil prices surged on Monday, July 20, 2026, following reports that the conflict between the US and Iran has escalated, resulting in attacks on tankers in the Strait of Hormuz. • In separate financial news, South Korea announced plans to ease access to the won as part of a broader strategic goal to make the currency freely convertible. • These developments are driving volatility across Asia-Pacific markets, as energy security concerns clash with regional currency reforms.

• ASEAN top diplomats are meeting in Manila on Tuesday to discuss critical global security issues, including renewed hostilities in the Middle East and the ongoing crisis in Myanmar. • The talks will include representatives from major global powers, including the United States, China, Russia, and the European Union. • A primary focus is the territorial disputes in the South China Sea, where tensions have spiked specifically between Chinese and Philippine naval and coast guard forces.

• ASEAN diplomats are gathering in Manila for annual ministerial talks to address critical regional and global security threats. • The agenda focuses on renewed hostilities in the Middle East, the ongoing crisis in Myanmar, and escalating territorial disputes in the South China Sea. • Tensions are particularly high between Chinese and Philippine naval and coast guard forces, involving other claimants like Brunei, Malaysia, and Vietnam.

• Iran has threatened to block the Strait of Hormuz, vowing that "not a single drop" of oil will pass if U.S. "aggression" continues. • In a separate internal development, Iran's judiciary executed two men convicted of killing four police officers during protests earlier this year. • These escalations occur as the conflict between the U.S., Israel, and Iran expands, potentially turning the Gulf region into a primary front of confrontation.

• The US military confirmed a service member was killed in Iraq during a "controlled detonation" of a downed Iranian drone. • This marks the third confirmed troop death following a new round of airstrikes intended to "swiftly punish" Iran for its actions. • A separate attack targeted electricity generation units, forcing the ministry to trigger emergency plans to stabilize the power grid.

Energy secretary grapples with mounting criticism over length of US war as Democrat calls conflict ‘war of choice’A Trump administration official on Sunday grappled with mounting criticism over the length of the US war with Iran after months of promised diplomatic breakthroughs, short-lived ceasefires, and the deaths of two more American troops in Jordan bringing the total number of American military members killed in the conflict to 16.Appearing on ABC’s This Week, US energy secretary Chris Wright defended the Trump administration’s strategy after being confronted with his earlier claims that the war which began in February would have ended by now. Continue reading...