Iran and the United States returned to military escalation on the night of July 29-30, with the US military launching strikes against dozens of Islamic Revolutionary Guard Corps targets in Iran. Brent crude climbed approximately 7% on July 29, approaching $90 per barrel, amid fears over the Strait of Hormuz through which roughly a fifth of the world’s oil passes. The Dow Jones fell 1,153 points (-2.19%) to close at 51,594 points, its worst session since April 2025, though this decline was primarily driven by the Federal Reserve’s decision to hold interest rates. Bitcoin remained confined between $63,000 and $64,000 while approximately $400 million was liquidated in the crypto market over 24 hours.
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