United States Bombs Iran for an 11th Night as War Cost Reaches $37.5 Billion and Oil Holds Near a Monthly High

The United States struck Iran for an 11th consecutive night into Wednesday. President Donald Trump said his campaign was "not finished." Secretary of Defense Pete Hegseth told a Senate committee that the war has cost the United States $37.5 billion so far, up from an estimate of nearly $29 billion in mid-May, and he pressed lawmakers for additional funding.

The fighting kept a risk premium in energy prices. Brent crude traded near $89.22 a barrel, up about 1.3% on the day, after rising roughly 20% since the start of July, while West Texas Intermediate traded near $84.30. Secretary of State Marco Rubio told Southeast Asian foreign ministers that allowing a single state to "decide to control an international waterway, charge a toll, and blow up your ships if you don't pay" would set a precedent no trading nation could accept. The Israeli outlet Globes reported that the latest strikes hit drone depots and naval targets and that Rubio judged Tehran was not serious about negotiations.

Iran gave a different account. Iran's state agency IRNA said the Islamic Republic had suspended its commitments under an earlier Islamabad understanding, calling its actions a legitimate and proportionate response to what it framed as United States violations. Iran said it had fired at American positions in the Gulf, and states including Kuwait and Bahrain reported interceptions.

Broader markets diverged from the energy tension. The S&P 500 rose about 0.96% to close near 7,510 on strong chipmaker earnings, the dollar index held near 100.94, and gold traded near $4,071.73 an ounce. The divergence shows investors are treating the conflict as an energy and inflation event rather than a systemic one, at least for now.