The bulk carrier Galaxy Globe and the tanker Luojiashan are anchored in Muscat (Oman) after Iran threatened to close the Strait of Hormuz. Photo Reuters / Benoit Tessier.
The situation around Iran continues to escalate as the US and Israel carry out the most powerful airstrikes since the beginning of the conflict. In response, Iran is conducting missile and drone attacks on American military bases in the region and has declared its intention to block oil exports from the Persian Gulf. However, despite the escalation, global financial markets are hopeful for a quick resolution to the situation, Reuters reports.
The most powerful strikes from the US and Israel
Last week, the US and Israel launched a series of strikes against Iran, which, according to the Pentagon and local residents, were the strongest in the entire conflict.US Secretary of Defense Pete Hegseth noted in his speech at the Pentagon that this day would be remembered as "the day of the most powerful airstrikes on Iran," during which more fighter jets and bombers were deployed, and more precise intelligence data was used.
Later, President Donald Trump announced via his platform Truth Social that American forces "completely destroyed" ten Iranian mine-laying vessels, without specifying the locations of the strikes.
Iran responds to the attacks
The Islamic Revolutionary Guard Corps announced the launch of missiles at American military facilities in the Middle East on Tuesday evening. The strikes targeted the "Al-Udeid" base in Qatar and the "Al-Harir" base in Iraqi Kurdistan. There were also several drone attacks on American targets, including the "Al-Dhafra" airbase in the UAE and the naval base "Juffair" in Bahrain.Iranian state media reported new attacks on American facilities in Bahrain.
Shelling of Israel and its consequences
On Wednesday night, Iran conducted several missile strikes on central Israel. Air raid sirens sounded in various cities, residents sought shelter, and air defense systems intercepted missiles. However, there were no immediate reports of hits following the attacks.Israel, in turn, responded with new strikes on Beirut, attempting to weaken the positions of the Iranian-backed group "Hezbollah," which has been shelling Israel from Lebanon.
Threat of an oil blockade
The Islamic Revolutionary Guard Corps stated that Iran is ready to block oil exports from the Persian Gulf as long as attacks from the US and Israel continue.This could involve blocking the Strait of Hormuz, which is a key route for energy resource supplies and accounts for about 20% of the world's oil and liquefied natural gas exports.
White House officials stated that the US is prepared to take strong measures in response to any attempts to disrupt shipping in the strait and, if necessary, provide military escort for tankers.
Life in Tehran during wartime
Residents of Tehran, who spoke with Reuters journalists, reported that the previous night was one of the most difficult since the beginning of the conflict. "It felt like hell. Bombing was everywhere in Tehran. Now my children are afraid to sleep," shared one local resident.In the eastern part of the city, rockets destroyed two five-story residential buildings. Rescuers continued to extract bodies of the deceased when a new explosion occurred.
Financial markets and expectations for the end of the conflict
Despite the escalation of military actions, financial markets are showing hopes for a quick end to the conflict.The price of Brent crude oil fell below $90 again on Tuesday after a sharp spike to nearly $120 per barrel on Monday. European and Asian stock markets partially recovered after significant declines.
The White House also reported that oil and gas prices could significantly decrease after military objectives are achieved.
According to sources familiar with Israel's plans, the Israeli military aims to inflict maximum damage on Iranian infrastructure before Donald Trump decides to end the military operation.
Iranian political response
During a briefing, senior Iranian officials made strong statements. Parliament Speaker Mohammad Bagher Ghalibaf emphasized that Tehran does not intend to cease fire: "The aggressor must receive a harsh response to learn a lesson."Foreign Minister Abbas Araghchi also noted that the resumption of negotiations with the US is unlikely.
Losses and destruction during the conflict
According to Iranian representative to the UN Amir Saeed Iravani, more than 1,300 civilians have died since the start of the US and Israeli attacks on February 28.He also reported that about 8,000 homes have been destroyed, 1,600 commercial and service facilities have been obliterated, and dozens of medical and educational institutions have been damaged.
Additionally:
- In Israel, 12 people have died as a result of Iranian attacks;
- In Lebanon, dozens of people have fallen victim to Israeli strikes.
