US‑Iran Gulf Escalation Drives Oil Price Surge and Triggers Seventh Iranian Drone Strike

The United States resumed a naval blockade of Iranian ports and intensified air strikes on Iranian military facilities after the collapse of a June cease‑fire agreement. New attacks were reported around the Strait of Hormuz, a chokepoint that carries roughly one‑fifth of global oil and gas shipments. The disruption pushed crude prices to their highest level in weeks, prompting concerns about higher fuel costs for consumers and transport firms, particularly in France, where regional pump prices are already diverging.

At the same time, Iran carried out its seventh series of drone strikes on U.S. installations in the Gulf, targeting bases in Kuwait and Bahrain. The strikes are part of an ongoing conflict that began on 7 July 2026 when the United States struck Iranian targets following attacks on commercial vessels. The continued hostilities have lowered market expectations for an International Atomic Energy Agency inspection of Iranian nuclear sites, with the probability of a year‑end visit falling to about 22 %. The situation keeps maritime trade in the region volatile and remains a focus for diplomatic and security analysts.