Iran fires at US base in Jordan as US strikes Iran, oil rises nearly 3%

Iran’s Islamic Revolutionary Guard Corps said it launched ballistic missiles at a US air base in Jordan on July 14, and the Pentagon responded with roughly five hours of continuous airstrikes inside Iran. The exchange, now in its third straight day, pushed international oil prices nearly 3% higher as traders priced in a widening conflict near the Strait of Hormuz.

The IRGC claimed the strike targeted a US base in Jordan and called on Jordanians to resist the American military presence. Jordan’s air defenses intercepted four Iranian missiles after they entered the country’s airspace. No casualties or property damage were reported from that side.

US Central Command, with approval from President Donald Trump, carried out sustained airstrikes on Iranian targets. Iranian media reported that several sites were hit, including Bandar Abbas, and that some naval maintenance facilities sustained damage. The US operation marked the third consecutive day of large-scale airstrikes against Iran.

The fighting is unfolding less than 200 miles from the Strait of Hormuz, the world’s most important oil chokepoint. Trump recently said the US would guarantee security in the waterway and outlined a plan to impose a 20% charge on cargo transiting the strait.

That proposal alone could rattle global supply chains. Coupled with active missile exchanges, the risk of a shipping disruption has jumped. Oil markets reacted instantly: Brent crude climbed nearly 3% at one point, and traders began hedging against a broader energy supply crisis.

For crypto markets, the immediate read is risk-off. Bitcoin and other speculative assets often sell off when geopolitical tension spooks traditional markets, even as some traders frame the event as a potential tailwind for decentralized stores of value. So far, the price action has been muted compared to oil’s surge – but that could change fast if the Strait of Hormuz sees a real blockade.

What to watch: any further escalation near Bandar Abbas or the strait itself. If shipping insurance premiums spike or tanker traffic slows, oil prices could hit multi-month highs. That would pressure central banks to tighten rates, sucking liquidity out of risk assets – including crypto. The Pentagon has not indicates a shift in posture, but the next 48 hours will be decisive.