US Strikes Iran for an 11th Straight Night; Hegseth Puts the War's Cost at $37.5 Billion

US forces struck military targets in Iran for an 11th consecutive night in the early hours of Wednesday, 22 July 2026. US Defense Secretary Pete Hegseth said the war has cost about $37.5 billion so far.

Kuwait reported a fresh drone attack, while Iran warned it could widen the scope of the regional conflict. Tension between Tehran and Washington remained elevated despite mediation efforts toward a ceasefire.

Escalating military tension in the region is a primary driver of moves in gold, currency, and oil prices in Iran and worldwide, which makes the trajectory of the conflict directly relevant to domestic financial market participants.