Skip to content
You can now search across every topic, entity and event.What's new
European Energy Markets
3AUG

CENTCOM pauses as Trump warns of more

2 min read
10:53UTC

US Central Command announced no new military action against Iran on Friday 24 July, after strikes on nearly every night of the preceding fortnight. Trump told Axios he is weighing an operation bigger than ever before.

EconomicDeveloping
Key takeaway

American strikes stopped for a day while the president promised a larger campaign with no date attached.

US Central Command (CENTCOM), the American military command responsible for the Middle East, announced no new military action against Iran on Friday 24 July, after strikes on nearly every night of the preceding fortnight 1. Donald Trump told Axios the same day that he is weighing an operation "bigger than ever before", with no deadline attached 2. On 25 July he told reporters he thinks Tehran would "love to make a deal" but does not think "they're ready to" 3.

Washington's two most visible moves of the preceding week both pointed the other way. F-16 and F-35 jets with refuelling aircraft arrived in the Gulf on 22 July , and Trump threatened on the same day to hit Pickaxe Mountain, the underground site Israeli intelligence assesses now holds centrifuges and enriched uranium moved out of Iran's damaged plants, very soon and heavily . Neither the aircraft nor the threat has been withdrawn.

CENTCOM does not announce every sortie, and a quiet Friday is a data point rather than a doctrine. What the American government did execute across 24 and 25 July was a Treasury designation and an edit to a casualty list. A designation freezes accounts, and neither instrument drops ordnance on anything. Tehran will read the gap between the tanker deployment and the empty target list for whatever it is worth, and so will the Gulf capitals now reportedly flying missions of their own.

Deep Analysis

In plain English

CENTCOM is the part of the US military in charge of operations in the Middle East. For the first time in about two weeks, it made no announcement of new military action against Iran on 24 July. That might sound like good news, but President Trump said the same day that he is thinking about launching an attack bigger than anything so far, without saying when. He also said on 25 July that he thinks Iran wants a deal but is not ready to accept one yet.

Deep Analysis
Escalation

Direction: ambiguous. A pause in strikes points toward de-escalation, but it sits alongside Trump's stated intent to consider an operation larger than any conducted so far, with no timeline attached. The two signals point in opposite directions and neither has yet produced a concrete order.

What could happen next?
  • Risk

    An undated threat of a larger operation keeps regional actors, including Gulf host states, in a state of continued military readiness even during a lull in visible strikes.

  • Opportunity

    A pause in nightly strikes creates a window mediators could use to press for a ceasefire before any larger operation materialises.

First Reported In

Update #161 · Bahrain and Kuwait struck Iran, WSJ reports

CNN· 25 Jul 2026
Read original
Different Perspectives
Cross-border power traders
Cross-border power traders
The France-Germany day-ahead spread flipped from a EUR 17.20 German premium on 1 August to a EUR 4.15 French premium on 3 August, the same day French curtailment peaked. They cannot yet attribute the flip to curtailment alone, since a like-for-like overnight comparison shows French nuclear output rising while wind fell and demand returned on the weekday step.
EDF
EDF
River-cooling limits took 7.6 GW, 12 per cent of its fleet, offline on 3 August, the highest curtailment since the heatwave began, with an easing forecast to 4.3 GW on 4 August and 3 GW after. It manages the cut as a recurring seasonal constraint, expecting it to lift with river temperature, not repair.
Gasunie
Gasunie
TTF, the Dutch hub it operates, drifted to roughly EUR 55 to 58 per MWh across the window, staying inside its recent range through both the German spark reversal and the French curtailment. It reads a flat hub price as evidence that neither event this window carried enough weight to move the fuel leg on its own.
German gas-fired generators
German gas-fired generators
Record German solar of 18,761 MW on 2 August pushed the clean spark spread to minus 18.48 EUR/MWh, a loss-making day, before it returned to plus 16.20 on 3 August. They now price dispatch against post-solar residual load rather than wind alone, since the sign flipped inside 48 hours on unchanged fuel and carbon costs.
European Commission (DG Energy)
European Commission (DG Energy)
Its implementing-measures register logged transposition notices from only Portugal and Slovakia against Wednesday's Article 94 deadline for Directive (EU) 2024/1788, with 25 states silent. It expects the register to fill only gradually, since filing routinely lags legislating and any infringement track against non-notifying states runs on a slower clock than the deadline itself.
Spain's LNG terminal operators
Spain's LNG terminal operators
Spain's 9,145 GWh terminal inventory is the largest single stock in the EU LNG network, an option value that can reroute cargoes wherever the winter strip pays best rather than a cavern gas obligation tied to a fixed date. That flexibility matters more as Germany's cavern shortfall pushes more of the winter security question onto import infrastructure.