Iranian Foreign Minister Abbas Araghchi warned the United States on July 24 against seizing frozen Iranian assets, calling the move an "incendiary precedent" after President Donald Trump threatened to use the funds to cover damages to ships in the Strait of Hormuz.
Trump announced on July 23 that Iranian money held by Washington would pay for damages caused by Tehran, also threatening the Houthis with "severe military punishment" after an attack on Saudi oil tankers. The US completed its 13th consecutive night of strikes on Iran overnight, with explosions reported in Bandar Abbas and on Qeshm Island.
Iran launched a new wave of drone attacks on US installations in Bahrain and Jordan on July 24. Hostilities have persisted for 13 days since a June 2026 ceasefire collapsed on July 11. Commercial shipping through the Strait of Hormuz has plummeted, with only a single tanker transiting on July 23, the lowest since May 7, as Iranian forces have repeatedly fired on commercial vessels since early July.