Iran launched a barrage of missiles and drones toward US-linked targets in Kuwait over a multi-day window in mid-July, marking one of the most significant escalations in the Gulf since the 2026 Iran war began in late February. Bitcoin responded the way Bitcoin tends to respond when things get scary: it sold off, briefly sliding below the $100K mark before bouncing back.
The attacks, which took place around July 13-16, involved approximately 32 drones and additional missiles directed at locations associated with American military interests in Kuwait. Kuwaiti forces intercepted many of the incoming projectiles. The strikes caused material damage to infrastructure, though confirmed casualties remained limited.
What happened on the ground
This wasn’t the first time Kuwait found itself in the crosshairs. Back in June, Iranian drone strikes hit Kuwait’s international airport, killing one person and injuring dozens more. That attack alone reshaped the security calculus for the entire Gulf region.
The latest wave of strikes represents a continuation of hostilities that kicked off on February 28, 2026, and have steadily escalated throughout the year. Iran has characterized its actions as retaliatory, fitting them into the broader framework of an ongoing conflict with the United States and its regional partners.
