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US strikes Iran and threatens to use Iranian funds to pay for tanker damages in Strait of Hormuz

Published July 25, 2026 at 7:32 AM UTC

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The United States has launched military strikes against Iran and announced it will use frozen Iranian assets to compensate for damage caused to oil tankers in the Strait of Hormuz. The move marks a sharp escalation in a region already on edge. The Strait of Hormuz is a narrow waterway through which about 20% of the world's oil passes, making any disruption a global concern. The US decision comes after a series of incidents where tankers were damaged, allegedly by Iranian forces. By targeting Iranian military positions and vowing to tap Iranian funds, Washington aims to deter further aggression, but the action also raises risks of retaliation and wider conflict. For Spain and Europe, the flare-up threatens oil supplies and could push energy prices higher. The US has not provided details on the scale of the strikes or the exact funds it intends to use. Iran has condemned the attacks and warned of consequences. The international community watches closely as diplomatic channels appear strained.