President Trump stated on 23 July 2026 that he is close to deciding on a military attack against Iran described as larger than any previous US operation, with military preparations underway but no final authorisation granted. Trump indicated that Israel would join the operation if asked but stressed the US capability to act independently. Negotiations between Washington and Tehran remain stalled, and regional tensions have intensified amid ongoing Strait of Hormuz shipping attacks attributed to Iran-backed forces.
In an earlier data point from 22 July 2026, crude oil rose $2.60 to $86.94 following Trump's statements warning of significant consequences for Iran, with US equity indices posting mixed results after premarket declines and Treasury yields ticking higher. By 23 July 2026, crude was reported trading near $91 and the NASDAQ fell 364 points in premarket trading as tensions escalated further.
WTI crude oil, as the benchmark contract for US crude pricing, moved directly in response to the escalating threat of military action and the reported disruption to Strait of Hormuz shipping lanes, through which a significant share of global oil exports transits. US equity indices including the NASDAQ declined in premarket trading on 23 July 2026 as reported.
Iran subsequently rejected a US-backed ceasefire proposal, citing failure to address control of the Strait of Hormuz, and explicitly refused a temporary deal, leaving negotiations with limited room for progress ahead of the weekend of 26–27 July 2026.
Sources: investinglive.com, Oilprice