Iran says the world should prepare for oil prices to reach $200 a barrel as its forces attacked merchant ships on Wednesday. The International Energy Agency (IEA) has recommended a massive release of strategic reserves to mitigate one of the worst oil shocks since the 1970s.
The war, sparked by joint US-Israeli airstrikes nearly two weeks ago, has killed approximately 2,000 people, mostly Iranians and Lebanese. As the fighting spreads to Lebanon, global energy markets and transportation have been thrown into chaos.
Despite the Pentagon calling it the most intense airstrikes since the start of the war, Iran fired on targets in Israel and across the Middle East on Wednesday, demonstrating its continued ability to retaliate.
Three ships were reportedly attacked in the Gulf waters on Wednesday. Iran's Revolutionary Guard said its forces fired on disobedient vessels in the Gulf region.
Israeli Defense Minister Israel Katz said the military operation "will continue indefinitely, as long as necessary, until we achieve all our objectives and win this battle," while Trump suggested the operation wouldn't last long. In a phone interview with Axios, he stated that there were "virtually no targets" left to strike inside Iran. He said, "Whenever I want it to end, it will end."
ABC News, citing an FBI warning, reported that Iranian drones could strike the U.S. West Coast, although Trump stated he was not worried about a potential Iranian attack on U.S. soil.
Trump later told reporters that the U.S. military had destroyed 28 Iranian minelayers, and that oil prices would fall.
The U.S. State Department also warned that Iran and its allied militias might be planning attacks on U.S.-owned oil and energy infrastructure in Iraq, noting that these militias had previously targeted hotels frequented by Americans throughout Iraq, including in the Kurdistan region.
U.S. and Israeli officials stated their goal is to end Iran's ability to project power abroad and destroy its nuclear program. Earlier this week, oil prices surged to nearly $120 a barrel before falling back to around $90 a barrel. On Wednesday, prices rose nearly 5% due to renewed concerns about supply disruptions, while major Wall Street stock indexes fell.
Stocks had previously rebounded as investors bet on a swift exit strategy from Trump. However, other signs indicate the fighting continues, with Iranian drone and missile attacks on ports and cities in the Gulf states and targets within Israel increasing the urgency of calls from Turkey and Europe to end the conflict.
An Israeli military official stated that the military still has numerous targets in Iran to target, including ballistic missile sites and nuclear facilities.
“Legitimate Targets” There is currently no indication that ships can safely pass through the Strait of Hormuz. This now-blocked passage along the Iranian coast carries approximately one-fifth of the world's oil.
Trump stated on Wednesday that ships “should” pass through the Strait of Hormuz, but sources say Iran has laid approximately 12 mines in the waterway, complicating the blockade.
The US military has urged Iranians to stay away from ports housing Iranian naval facilities, to which the Iranian military has warned that if these ports are threatened, the region's economic and trade centers will become “legitimate targets.”
With fuel prices soaring in some countries and Trump's Republican Party trailing significantly in polls ahead of the November midterm elections, oil prices have become an increasingly pressing consideration in decision-making behind this war.
The IEA, a group of major oil-consuming nations, recommended releasing 400 million barrels of oil from the global strategic reserves to stabilize prices—the largest such intervention in history—and quickly gained support from Washington.
US Interior Secretary Doug Burgum told CNBC on Wednesday that US oil companies would soon announce increased production in response to "price signals."
However, the pace of strategic reserve releases varies among countries, and the total release represents only a small fraction of the oil supplied through the Strait of Hormuz.
Iranian officials made it clear on Wednesday that they intend to exert a sustained economic shock.
Iranian military spokesman Ebrahim Zofagari, speaking to Washington, said, "Be prepared for oil prices to reach $200 a barrel, because oil prices depend on regional security, and you have already undermined regional security."
Following the nighttime attack on a bank office in Tehran, Zofagari stated that Iran would launch attacks on banks doing business with the United States or Israel. He also said that people across the Middle East should keep a 1,000-meter distance from banks.
At sea, a bulk carrier flying the Thai flag caught fire, forcing the crew to evacuate. Three people are reportedly missing, believed to be trapped in the engine room.
Two other ships, a container ship flying the Japanese flag and a bulk carrier flying the Marshall Islands flag, were also reportedly damaged by projectiles, bringing the number of merchant ships attacked since the start of the war to 14.
Iranian officials said Mojtaba Khamenei suffered minor injuries.
In Iran, large crowds took to the streets to hold a funeral for the senior commander killed in the airstrike. They carried the coffin, waving flags and portraits of the late Supreme Leader Ayatollah Ali Khamenei and his son and successor, Mojtaba.
An Iranian official told Reuters that Mojtaba was slightly wounded early in the war when airstrikes killed his father, mother, wife, and a son. He has not made any public appearances or released any direct information since the start of the war.
In Tehran, residents have gradually become accustomed to the nighttime airstrikes. The airstrikes have forced hundreds of thousands to flee to rural areas, and the city has been polluted by "black rain" formed from oil smog.
Israel says "no time limit"
Despite Trump's call for Iranian resistance, the hopes of the US and Israel to overthrow Iran's theocracy through popular protests have not materialized.
Iran's Chief of Police, Ahmadreza Radan, said on Wednesday that anyone who takes to the streets will be considered "an enemy, not a protester. All our security forces are ready to fire."
According to a senior Israeli official, Israeli leaders now privately acknowledge that Iran's ruling system may survive the war. Two other Israeli officials said there are no signs that Washington is close to ending the campaign.
Even so, Abdullah Mohtadi, head of the Komara Party in Iranian Kurdistan (a member of a six-party alliance of Iranian Kurdish parties), told Reuters on Wednesday that these parties are well-organized within Iran, and "tens of thousands of young people are ready to take up arms" and are prepared to rebel against Tehran if they receive US support.
USOIL USOIL USOILUSDT.P USOIL
The war, sparked by joint US-Israeli airstrikes nearly two weeks ago, has killed approximately 2,000 people, mostly Iranians and Lebanese. As the fighting spreads to Lebanon, global energy markets and transportation have been thrown into chaos.
Despite the Pentagon calling it the most intense airstrikes since the start of the war, Iran fired on targets in Israel and across the Middle East on Wednesday, demonstrating its continued ability to retaliate.
Three ships were reportedly attacked in the Gulf waters on Wednesday. Iran's Revolutionary Guard said its forces fired on disobedient vessels in the Gulf region.
Israeli Defense Minister Israel Katz said the military operation "will continue indefinitely, as long as necessary, until we achieve all our objectives and win this battle," while Trump suggested the operation wouldn't last long. In a phone interview with Axios, he stated that there were "virtually no targets" left to strike inside Iran. He said, "Whenever I want it to end, it will end."
ABC News, citing an FBI warning, reported that Iranian drones could strike the U.S. West Coast, although Trump stated he was not worried about a potential Iranian attack on U.S. soil.
Trump later told reporters that the U.S. military had destroyed 28 Iranian minelayers, and that oil prices would fall.
The U.S. State Department also warned that Iran and its allied militias might be planning attacks on U.S.-owned oil and energy infrastructure in Iraq, noting that these militias had previously targeted hotels frequented by Americans throughout Iraq, including in the Kurdistan region.
U.S. and Israeli officials stated their goal is to end Iran's ability to project power abroad and destroy its nuclear program. Earlier this week, oil prices surged to nearly $120 a barrel before falling back to around $90 a barrel. On Wednesday, prices rose nearly 5% due to renewed concerns about supply disruptions, while major Wall Street stock indexes fell.
Stocks had previously rebounded as investors bet on a swift exit strategy from Trump. However, other signs indicate the fighting continues, with Iranian drone and missile attacks on ports and cities in the Gulf states and targets within Israel increasing the urgency of calls from Turkey and Europe to end the conflict.
An Israeli military official stated that the military still has numerous targets in Iran to target, including ballistic missile sites and nuclear facilities.
“Legitimate Targets” There is currently no indication that ships can safely pass through the Strait of Hormuz. This now-blocked passage along the Iranian coast carries approximately one-fifth of the world's oil.
Trump stated on Wednesday that ships “should” pass through the Strait of Hormuz, but sources say Iran has laid approximately 12 mines in the waterway, complicating the blockade.
The US military has urged Iranians to stay away from ports housing Iranian naval facilities, to which the Iranian military has warned that if these ports are threatened, the region's economic and trade centers will become “legitimate targets.”
With fuel prices soaring in some countries and Trump's Republican Party trailing significantly in polls ahead of the November midterm elections, oil prices have become an increasingly pressing consideration in decision-making behind this war.
The IEA, a group of major oil-consuming nations, recommended releasing 400 million barrels of oil from the global strategic reserves to stabilize prices—the largest such intervention in history—and quickly gained support from Washington.
US Interior Secretary Doug Burgum told CNBC on Wednesday that US oil companies would soon announce increased production in response to "price signals."
However, the pace of strategic reserve releases varies among countries, and the total release represents only a small fraction of the oil supplied through the Strait of Hormuz.
Iranian officials made it clear on Wednesday that they intend to exert a sustained economic shock.
Iranian military spokesman Ebrahim Zofagari, speaking to Washington, said, "Be prepared for oil prices to reach $200 a barrel, because oil prices depend on regional security, and you have already undermined regional security."
Following the nighttime attack on a bank office in Tehran, Zofagari stated that Iran would launch attacks on banks doing business with the United States or Israel. He also said that people across the Middle East should keep a 1,000-meter distance from banks.
At sea, a bulk carrier flying the Thai flag caught fire, forcing the crew to evacuate. Three people are reportedly missing, believed to be trapped in the engine room.
Two other ships, a container ship flying the Japanese flag and a bulk carrier flying the Marshall Islands flag, were also reportedly damaged by projectiles, bringing the number of merchant ships attacked since the start of the war to 14.
Iranian officials said Mojtaba Khamenei suffered minor injuries.
In Iran, large crowds took to the streets to hold a funeral for the senior commander killed in the airstrike. They carried the coffin, waving flags and portraits of the late Supreme Leader Ayatollah Ali Khamenei and his son and successor, Mojtaba.
An Iranian official told Reuters that Mojtaba was slightly wounded early in the war when airstrikes killed his father, mother, wife, and a son. He has not made any public appearances or released any direct information since the start of the war.
In Tehran, residents have gradually become accustomed to the nighttime airstrikes. The airstrikes have forced hundreds of thousands to flee to rural areas, and the city has been polluted by "black rain" formed from oil smog.
Israel says "no time limit"
Despite Trump's call for Iranian resistance, the hopes of the US and Israel to overthrow Iran's theocracy through popular protests have not materialized.
Iran's Chief of Police, Ahmadreza Radan, said on Wednesday that anyone who takes to the streets will be considered "an enemy, not a protester. All our security forces are ready to fire."
According to a senior Israeli official, Israeli leaders now privately acknowledge that Iran's ruling system may survive the war. Two other Israeli officials said there are no signs that Washington is close to ending the campaign.
Even so, Abdullah Mohtadi, head of the Komara Party in Iranian Kurdistan (a member of a six-party alliance of Iranian Kurdish parties), told Reuters on Wednesday that these parties are well-organized within Iran, and "tens of thousands of young people are ready to take up arms" and are prepared to rebel against Tehran if they receive US support.
USOIL USOIL USOILUSDT.P USOIL 
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Analyze changes in market sentiment, adhere to rational market analysis, and emphasize risk management.
💎🏆🏆Exclusive Analysis👉：t.me/Financial_Growth_Camp
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VIP Access👉：t.me/Chuck_Wilson_official_guide_link
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.