US says it will use frozen Iranian assets to fund damage to ships as strikes continue
The U.S. military has continued strikes against Iranian military targets for the 13th consecutive night, while President Trump announced plans to use frozen Iranian assets to compensate for damages to shipping. These tensions have caused global oil prices to rise above $100 per barrel.
Why it matters
The escalation of military conflict in the Strait of Hormuz poses a significant threat to global energy security and international trade stability.
Image source, Reuters Image caption, Vessels sighted in the Strait of Hormuz from Oman on 23 July
The US military says it has launched strikes on Iran for the 13th consecutive night, with Iranian state media saying four people have been killed and five injured.
It comes as US President Donald Trump said he would use Iranian assets held by the US to pay for "any damages to Ships, Cargo, or anything related thereto".
Iranian Foreign Minister Abbas Araghchi hit back at the threat that Trump called "fair and equitable", calling it an "incendiary precedent".
The latest strikes follow Yemen's Iranian-backed Houthis' claim to have attacked two Saudi tankers in the Red Sea and growing concerns over increasing threats to global shipping caused oil prices to spike.
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