US launches new strikes as Iran declares 'full-scale war'; gas prices hit $4

Tensions in the Middle East have escalated significantly as the United States initiated its tenth consecutive night of strikes against Iran on July 20, 2026. U.S. Central Command stated these operations are aimed at degrading Iranian military capabilities used to target commercial shipping in the Strait of Hormuz. In response, Iranian President Masoud Pezeshkian declared that his country is engaged in a "full-scale war" with the United States, acknowledging the potential repercussions for Iran. Reports indicate that the US strikes hit various Iranian military targets, including command centers and missile sites, while Iran also launched attacks, affecting US personnel in the region and allied nations.

The intensified conflict has had a swift impact on global energy markets. The national average for gasoline in the U.S. jumped back to $4 a gallon on Monday, according to AAA, marking a significant increase from $3.14 a year prior. This surge in prices is largely attributed to the ongoing hostilities disrupting oil flows through the Strait of Hormuz, a crucial international waterway for global oil shipments. The renewed hostilities follow a period where gas prices had dipped after an interim deal between the US and Iran earlier in the year.