Global Express | July 23, 2026 US-Iran War Day 12: Oil Hits $96 as Houthis Blockade Red Sea

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📰 US-Iran War Enters Day 12: Trump Threatens to Destroy Iranian Infrastructure as Oil Surpasses $96

The United States has launched its 12th consecutive night of airstrikes against Iran, with both sides increasingly targeting civilian infrastructure. President Donald Trump warned that the US would bomb an Iranian bridge or power plant if Iran attacked a vessel in the Strait of Hormuz. Iran responded with an "eye for an eye" pledge. US Central Command announced the latest strikes began at 5:30 PM Eastern Time on Wednesday, targeting Iranian military command centers, missile and drone launch sites, and air defense systems.

Chairman of the Joint Chiefs Dan Caine announced that three more American service members have died in the conflict, bringing the US death toll to 17, with over 100 injured since early July. Meanwhile, Brent crude oil futures surged to $96 per barrel, the highest since June. Goldman Sachs analysts have warned that oil could reach $120 if the conflict escalates further.

The conflict, which began in the Strait of Hormuz, is rapidly expanding, threatening Gulf infrastructure, regional stability, and global energy security. Behind the fighting, mediators are reportedly seeking an off-ramp before the situation spirals beyond control.

— AP News

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📰 Houthis Claim Attack on Saudi Oil Tankers in the Red Sea, Bab al-Mandab Under Threat

Yemen's Houthi rebels have claimed responsibility for attacking two Saudi oil tankers — the Encelia and the Layla — in the Red Sea, marking the first such assault since the Iran-backed group declared a "maritime embargo" against Saudi Arabia. Houthi military spokesperson Yahya Saree said the ships were targeted with drones and missiles for allegedly violating the group's naval blockade. The Saudi Press Agency confirmed that the Encelia was struck while sailing in the Red Sea, resulting in a fire on its bow.

Ship-tracking data shows multiple tankers bound for or departing from Saudi ports made sharp U-turns following the threat. The Houthis have also announced the closure of the Bab al-Mandab Strait, the critical waterway connecting the Red Sea to the Gulf of Aden. Trump had previously warned he would "take care of" the Houthis if they blocked the Red Sea.

The attack marks a dangerous expansion of the Middle East conflict, threatening a shipping route through which millions of barrels of oil pass daily. Global supply chains face unprecedented disruption.

— BBC News

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📰 US Signs Landmark Nuclear Cooperation Deal with Saudi Arabia

The United States and Saudi Arabia have signed a landmark agreement allowing the Gulf kingdom to develop a civilian nuclear program. The US Department of Energy described the deal as a "peaceful nuclear cooperation agreement" that will provide "great access for American companies in the Saudi nuclear energy program." While the full text has not been made public, US media reports indicate the deal could eventually allow Saudi Arabia to enrich uranium — a process that can be used for both nuclear fuel and nuclear weapons.

Experts warn this would mark a first for the US and risks triggering nuclear proliferation in an already unstable region. The Energy Department stated that a "bilateral safeguards agreement" was also signed, laying the legal foundation for a "decades-long, multi-billion-dollar partnership."

The Saudi government called the deal "an extension of existing cooperation between the two countries in the energy sector." Notably, President Trump reportedly did not require Saudi Crown Prince Mohammed bin Salman to commit to forgoing uranium enrichment.

— BBC News

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📰 US House Passes Record $1.15 Trillion Defense Authorization Bill

The US House of Representatives narrowly passed the fiscal 2027 National Defense Authorization Act on Wednesday, approving a historic $1.15 trillion Pentagon budget in a 216-212 near party-line vote. The figure represents a dramatic increase from last year's $900.6 billion authorization, amid growing uncertainty over the trajectory of the Iran war. A total of 209 Republicans voted in favor and 205 Democrats opposed, with seven Republicans and six Democrats crossing party lines.

The massive bill includes several notable provisions: officially renaming the Department of Defense to the Department of War, a 5% to 7% military pay raise, an increase in active-duty force size, and a mandate to revert the names of nine southern military bases to those recommended in 2023 to replace Confederate honorifics. Lawmakers debated intensely over the wisdom of continued Iran war funding, especially as the US faces mounting national debt.

The bill now moves to the Senate. If enacted, it would represent the largest annual defense expenditure in American history.

— Military Times

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📰 EU Imports Record 9.89 Million Tons of Russian LNG in First Half of 2026

The European Union imported a record 9.89 million metric tons of liquefied natural gas from Russia's Yamal LNG plant during the first half of 2026, purchasing nearly all of the facility's output, according to the Financial Times. The revelation comes as the EU's ban on long-term Russian LNG imports is set to take effect in January 2027, with member states appearing to accelerate purchases before the deadline.

Despite dramatically reducing dependence on Russian pipeline gas since the Ukraine war, the EU's LNG imports from Russia have risen rather than fallen, highlighting the complexity of Europe's energy transition. Several member states remain reluctant to completely sever Russian gas supplies, fearing that further energy price spikes would strain economies already battered by surging oil costs.

The data has drawn sharp criticism from Ukraine and its allies, who argue that purchasing Russian LNG effectively funds the Kremlin's war machine. Analysts note that the EU faces an increasingly difficult balance between energy security and its geopolitical stance.

— The Moscow Times

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📰 European Wildfires Rage: 12,000 Evacuated in France, Firefighter Killed in Italy

Approximately 12,000 people have been evacuated from the Gironde region in southwestern France as the country battles devastating wildfires. Among those evacuated were some 10,000 tourists. Local authorities reported that more than 2,000 hectares of land have been destroyed, with the use of internal combustion and electric engines banned in predominantly forested areas and multiple roads closed. The evacuations come just days after two firefighters died tackling blazes near Bordeaux airport.

Meanwhile, in Italy, a firefighter was killed combating a wildfire in San Cataldo, Sicily, with another injured in the same operation. Italian Interior Minister Matteo Piantedosi paid tribute to the fallen firefighter Alessandro Marchi, saying he "died in service to the community." The head of Sicilian Civil Protection reported more than 350 fires on the island, including ten major ones, all suspected to have human causes.

European nations are grappling with the combined effects of extreme heat and drought, with wildfire risk at historic highs and firefighting resources stretched to their limits.

— BBC News

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📰 Ukrainian Drones Strike Russia's Largest Online Retailer, 8 Workers Killed

Ukrainian drones have struck multiple warehouses belonging to Wildberries, Russia's largest online retailer, in a matter of days, killing at least eight night-shift workers and injuring dozens more. The targeted warehouses were located in Elektrostal east of Moscow and Kotovsk in the Tambov region, some 400 kilometers from the Ukrainian border. Goods worth an estimated £750 million ($1 billion) were destroyed.

After months of drone attacks on Russian oil depots and refineries, Kyiv now says it is targeting logistics hubs used by Russians to purchase military equipment and disrupting supplies to the Russian army. However, the strikes have also impacted hundreds of Russian sellers who depend on online marketplaces for their livelihoods, bringing the war's impact closer to home for ordinary Russians.

One Russian seller's expletive-laden social media post went viral after she complained of losing one million roubles (£9,500), stating: "We're already getting screwed over from every direction as it is." The incident has intensified domestic debate in Russia about the costs of the war.

— BBC News

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📰 Paramount-Warner Bros Discovery $111 Billion Merger Faces FCC Scrutiny

Paramount's $111 billion merger with Warner Bros. Discovery is facing intense regulatory scrutiny from the Federal Communications Commission. The mega-merger, which would reshape the Hollywood landscape, faces significant hurdles — with FCC approval being a critical one. An NPR investigation has revealed a dubious relationship between Paramount and the FCC, raising questions about potential conflicts of interest.

The deal would give the combined entity control over a vast library of film and television content along with major streaming platforms, sparking widespread concerns about market competition and consumer choice. Critics argue that media consolidation at this scale could drive up subscription prices and reduce content diversity.

If approved, the merger would be one of the largest in media industry history, marking an aggressive wave of consolidation as traditional studios seek survival in the streaming era. Analysts expect the review process to extend over several months, with both companies likely needing to offer significant concessions to satisfy regulators.

— NPR

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📰 SpaceX Starship Flight 13 Set for Launch Today, Carrying First V3 Starlink Satellites

SpaceX is targeting Thursday, July 23, for the 13th test flight of its giant Starship rocket, carrying the first batch of V3 Starlink satellites. The launch follows an abort at the last second during the first attempt on July 16, with engineers resolving technical issues over the past week. The launch window opens at 6:45 PM Eastern Time from Starbase in Boca Chica, Texas.

Starship V3 represents the latest upgrade to the massive rocket, featuring increased payload capacity and improved reusability. This test flight marks the first time Starship will carry a functional payload — the next-generation V3 Starlink satellites equipped with direct-to-cell capability, which will significantly expand SpaceX's global internet coverage.

SpaceX founder Elon Musk has stated that a successful test flight would pave the way for commercial satellite launch services later this year and accelerate preparations for NASA's Artemis lunar missions. The outcome of this flight carries significant implications for the future of the commercial space industry.

— Space.com

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📰 Google Burns Through Cash as AI Spending Spirals, Free Cash Flow Turns Negative

Google parent company Alphabet posted a stunning earnings report revealing that the company's free cash flow turned negative for the first time in at least a decade, reaching -$5.9 billion. Despite combined quarterly revenue growing 23% year-over-year to $119.8 billion, massive spending on artificial intelligence infrastructure is rapidly depleting the company's cash reserves. Alphabet's stock fell 4% in after-hours trading.

Chief Financial Officer Anat Ashkanazi disclosed that the company spent $45 billion in capital expenditures during the second quarter alone, with 60% going toward servers and 40% toward data centers. The company now expects AI-related spending to hit $205 billion this year, up from a previous estimate of $190 billion. Ashkanazi acknowledged on the earnings call that "demand still outpaces that investment."

Analysts are increasingly questioning the return on Alphabet's AI spending. While Google Cloud has benefited from AI demand, the enormous capital outlay is testing investor patience. Other tech giants including Microsoft and Amazon are also pouring billions into AI infrastructure, as the industry engages in a high-stakes arms race.

— BBC News

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