US Central Command launched a series of airstrikes against approximately 80 to 90 Iranian military sites on July 7 and 8, 2026, in response to Iran’s sustained campaign against commercial shipping in the Strait of Hormuz. Iran hit back, striking US-allied military installations in Bahrain and Kuwait. Gulf stock markets took one look at the situation and headed lower.
What happened and why it matters
The US strikes on July 7 and 8 were a direct response to Iran’s ongoing interference with commercial shipping lanes through the Strait of Hormuz.
Major Gulf bourses, including markets in Saudi Arabia and the UAE, recorded notable declines in early July as investors processed the implications.
Brent crude surged past the $76 to $80 per barrel range as traders priced in the possibility of supply disruptions.
