President Donald Trump announced that the United States will begin using frozen Iranian funds to compensate for damage to ships and cargo attacked in the Persian Gulf and surrounding waters. The declaration, posted on Truth Social on 23 July 2026, stated that all damage to vessels and related assets would be reimbursed from Iranian money under U.S. control.
The announcement came as Brent crude surpassed $100 a barrel for the first time since May. Tensions have surged since a ceasefire between Washington and Tehran collapsed in early July after Iranian forces fired on commercial vessels in the Strait of Hormuz. The U.S. military has struck targets in Iran for 13 consecutive nights to deter further attacks on shipping.
Iran-backed Houthi rebels also struck two Saudi tankers in the Red Sea on 23 July and declared a naval blockade, according to reports. Hostilities between Iran and the U.S. resumed on 7 July, marking a sharp escalation in the regional conflict.