U.S. and Iran Resume Military Exchanges as Strait of Hormuz Tensions Escalate

President Donald Trump said Monday that U.S. forces were targeting Iranian capabilities linked to the Strait of Hormuz as military exchanges between Washington and Tehran resumed following a ceasefire reached last month. U.S. Central Command confirmed a second consecutive night of strikes, stating the operations were intended "to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz."

Key developments:

1. According to Bloomberg, Trump said he is seeking to reinstate a naval blockade on Iranian vessels transiting the Strait of Hormuz and has proposed a 20% toll on other cargo using the waterway.
2. Iran's Revolutionary Guard said it launched drones and missiles toward U.S. military bases following the strikes, according to CNN.
3. Iranian state media reported explosions on Kish Island, located in the Strait of Hormuz, according to CBS News.
4. Bahrain and Kuwait activated air defense alerts during the latest exchange.

Oil market reaction

Brent crude for September delivery traded above $83 per barrel, while WTI crude for August delivery traded near $78 per barrel as of Monday afternoon, according to market data.

Separately, Trump said authorities were "looking into" reports that Iranian drones could be staged in Cuba, adding that no evidence had been confirmed.

Roughly one-fifth of global oil supplies pass through the Strait of Hormuz. Market participants often monitor developments in the region for their potential impact on energy prices, shipping routes, and insurance costs. If the proposed measures are implemented, they could affect logistics costs for Gulf trade, although no timetable has been announced.

Sources: CBS News; Bloomberg; CNN; market data as of July 13, 2026.