Thursday 23rd July 2026
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Thursday 23rd July 2026
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गृहपृष्ठBreakingOil prices hit six-week high amid US Iran conflict

Oil prices hit six-week high amid US Iran conflict


Kathmandu [Nepal], July 23 – The conflict between the United States and Iran has intensified deepening instability across the Middle East as military operations expand regional security threats grow and global oil prices continue to rise.

The US military said it carried out airstrikes against Iranian military targets for a 12th consecutive night with US Central Command confirming that operations remain ongoing. Iranian state media reported that the southwestern cities of Ramshir and Ahvaz along with Bushehr province on the Persian Gulf coast were targeted in US missile strikes.

Amid the conflict, the US Department of Energy announced a landmark civilian nuclear cooperation agreement with Saudi Arabia. Washington said the deal establishes the legal framework for developing Saudi Arabia’s civilian nuclear programme while incorporating safeguards to prevent nuclear weapons proliferation.

In Kuwait, the military said its air defence systems intercepted hostile drones early Thursday following Iranian attacks. Authorities said explosions heard across the country were caused by the successful interception of the drones.

Iranian Foreign Minister Abbas Araghchi warned that Tehran would deliver a “powerful and decisive” response if the United States attacks Iranian infrastructure. His remarks came after President Donald Trump warned that any attack on shipping in the Strait of Hormuz would trigger US strikes on an Iranian bridge or power station. Trump also said Washington has spent $37.5 billion on the conflict and is prepared to take further action if necessary.

Meanwhile, Yemen’s Iran-backed Houthi rebels claimed responsibility for attacking a Saudi oil tanker in the Red Sea adding to concerns over maritime security.

The escalating conflict has also rattled global energy markets, with Brent crude approaching $95 a barrel for the first time in about six weeks while US benchmark West Texas Intermediate rose nearly 3%.





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