US says it will use frozen Iranian assets to fund damage to ships as strikes continue
Summary
The US military has launched air strikes on Iran for thirteen nights in a row, targeting military and maritime sites. President Donald Trump said the US will use frozen Iranian funds to pay for any damage to ships or cargo caused by these conflicts, while Iran warned this could set a dangerous precedent.Key Facts
- The US began strikes aimed at reducing Iran's ability to threaten civilian ships in regional waters.
- Iran said the strikes killed four people and injured five.
- President Trump promised "major military punishment" in response to attacks linked to Iran and Yemen's Iranian-backed Houthis.
- The US plans to use Iranian assets frozen in the US to cover damages to ships and cargo.
- Iran's foreign minister called the US plan a dangerous precedent threatening international asset safety.
- Only one tanker passed through the strategic Strait of Hormuz on 24 July, the lowest since May, causing a rise in global oil prices above $100 a barrel.
- The US and Iran had a ceasefire agreement in June, but it ended after continued attacks and US strikes.
- Regional alarms were sounded in Bahrain and Jordan due to rising tensions.
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