July 22, 2026
 Iran war has so far cost US $37.5 billion 
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 Iran war has so far cost US $37.5 billion 

The US-Iran conflict entered its 10th consecutive night of strikes Tuesday, as President Trump threatened to attack a reported new Iranian nuclear facility, “Pickaxe Mountain,” saying there’s “nothing” Iran can do to stop it.

Iran’s Revolutionary Guard reported “massive fires” on two oil tankers in the Strait of Hormuz. Trump claimed Iran is “desperate” to negotiate, though Tehran has not confirmed this.

Testifying before the Senate Appropriations Committee, Defence Secretary Pete Hegseth said the war has cost $37.5 billion so far, seeking additional funding; independent analysts estimate the true cost nearer $40 billion. The Pentagon says nearly 100 US service members have been injured since July 7, with 96% returned to duty, following the deaths of two soldiers in a Jordan attack on July 17.

US gasoline prices have climbed back above $4 a gallon nationally, up from $3.87 a week ago and $3.14 a year ago, as Secretary of State Marco Rubio said Iran has effectively killed the ceasefire memorandum, though the US remains open to diplomacy.

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