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The United States carried out a sixth consecutive night of strikes on Iran late July 16, expanding attacks on military infrastructure near the strategically important Strait of Hormuz as the conflict entered another phase of escalation.
The latest operation, <a href="https://www.centcom.mil/MEDIA/PUBLIC-RELEASES/Article/4548433/us-successfully-completes-new-strikes-in-iran/" rel="noopener noreferrer nofollow">confirmed </a>by U.S. Central Command (CENTCOM), targeted Iranian air defense systems, coastal surveillance sites, military logistics infrastructure and maritime capabilities.&nbsp;
<a href="https://www.thestreet.com/crypto/markets/major-gold-holder-dumps-millions-as-gold-falls-below-4000" rel="noopener noreferrer nofollow">Related: Major gold holder dumps millions as gold falls below $4,000</a>
U.S. forces also struck areas around Bandar Abbas and Qeshm Island, home to key Iranian naval facilities overlooking the <a href="https://www.thestreet.com/crypto/trading/bitcoin-xrp-surge-as-u-s-iran-near-peace-deal" rel="noopener noreferrer nofollow">Strait of Hormuz.</a>
Iran responded with fresh missile and drone <a href="https://www.reuters.com/world/middle-east/irans-irgc-say-they-targeted-us-command-centre-syria-state-media-reports-2026-07-17/" rel="noopener noreferrer nofollow">attacks </a>against U.S. military facilities across the region, including what Iranian officials described as the country's first direct strike on American positions in Syria.&nbsp;
<figure><img src="https://www.thestreet.com/.image/c_fit%2Ch_675%2Cw_1200/MjI0ODQ0NjMyNzM3OTgyNDI4/us-strikes-on-iran.jpg" height="675" width="675">
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 An infographic titled "US strikes on Iran and Iranâs retaliatory attacks" created in Ankara, Turkiye on July 16, 2026. 
 GettyImages
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Markets have grown increasingly concerned that the conflict could disrupt shipping through the Strait of Hormuz, a waterway that carries roughly one-fifth of global oil supplies.&nbsp;
Vessel traffic has already slowed after renewed U.S. <a href="https://www.cnbc.com/2026/07/14/iran-strikes-hormuz-strait-blockade-trump-tolls.html" rel="noopener noreferrer nofollow">naval restrictions</a> around Iranian ports, raising fears of supply disruptions.
Oil prices surged on July 17 as traders priced in a higher geopolitical risk premium.&nbsp;
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Brent crude <a href="https://in.investing.com/commodities/brent-oil" rel="noopener noreferrer nofollow">climbed </a>above $86 a barrel while West Texas Intermediate (WTI) <a href="https://in.investing.com/commodities/crude-oil" rel="noopener noreferrer nofollow">rose </a>above $81, putting both benchmarks on track for weekly gains of over 13%.
<h2 id="strong-risk-assets-retreat-as-geopolitical-tensions-intensify-strong">Risk assets retreat as geopolitical tensions intensify</h2>
Investors shifted toward a risk-off stance as the conflict deepened, weighing on equities and cryptocurrencies as oil prices climbed.
Bitcoin <a href="https://in.tradingview.com/markets/cryptocurrencies/" rel="noopener noreferrer nofollow">fell </a>more than 2% over the past 24 hours to around $63,200, while Ethereum declined about 3.5% to $1,820.&nbsp;
Solana lost nearly 3% to around $74, and XRP slipped almost 3% to $1.08, reflecting broad selling across digital assets.
<figure><img src="https://www.thestreet.com/.image/c_fit%2Ch_675%2Cw_1200/MjI0ODQ1NjU0MTM0ODkxNjI5/screenshot-2026-07-17-201504.png" height="562" width="1200">
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 Crypto market <a href="https://coinmarketcap.com/crypto-heatmap/" rel="noopener noreferrer nofollow">heatmap </a>at press time
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</figure>
U.S. equities and precious metals also traded lower.&nbsp;
The Nasdaq Composite <a href="https://www.nasdaq.com/market-activity/index/comp" rel="noopener noreferrer nofollow">dropped </a>about 1.5%, the S&amp;P 500 <a href="https://www.cnbc.com/quotes/.SPX" rel="noopener noreferrer nofollow">lost </a>0.87%, and the Dow Jones Industrial Average <a href="https://finance.yahoo.com/quote/%5EDJI/history/" rel="noopener noreferrer nofollow">slipped </a>0.21% as investors reduced exposure to growth assets.
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 Gold and Silver <a href="https://goldprice.org/gold-price-usa.html" rel="noopener noreferrer nofollow">price </a>at the time of writing
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Gold fell about 0.5% to roughly $3,970 per ounce, while silver declined more than 1.5% to around $55 at press time.&nbsp;
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Latest U.S.-Iran conflict sends oil up and crypto tumbling

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