Global oil prices have surged 40 percent as tensions escalate in the Middle East following attacks by Iran on energy and shipping targets and the killing of its supreme leader. Despite hardline rhetoric from all sides, life in Tehran appeared relatively normal as of Saturday.
Iran and US Exchange Threats Amidst Rising Oil Prices
The UK ministry of defence stated it is “currently discussing with our allies and partners a range of options to ensure the security of shipping in the region.” Britain’s minister for energy security, Ed Miliband, told the BBC the “plan now has to be to de-escalate the conflict,” adding that discussions with allies are ongoing to maintain maritime shipping.
South Korea is “closely monitoring President Trump’s remarks on social media.” Takayuki Kobayashi, policy chief of Japanese Prime Minister Sanae Takaichi’s ruling party, indicated the threshold for deploying Japanese naval forces to the region under current laws is “extremely high.”
The strikes by Iran were in retaliation for the US and Israeli air campaign that killed its supreme leader, triggering the regional conflict. Former President Trump has doubled down on his stance, telling NBC News that he believes Tehran is willing to negotiate but the US will continue to fight for more favorable terms.
Trump also suggested he might bomb targets on Iran’s oil hub, Kharg Island, “just for fun.” He stated, “Iran wants to make a deal, and I don’t want to make it because the terms aren’t good enough yet.”
Iran’s new supreme leader, Ayatollah Mojtaba Khamenei, has vowed to keep the Hormuz Strait closed in a written statement. Trump dismissed this, questioning Khamenei’s control, saying, “I don’t know if he’s even alive. So far, nobody has been able to show him.”
Iran responded on Saturday, stating “there is no problem with the new supreme leader,” despite his lack of public appearances.
The Israeli military announced a wave of strikes against targets in western Iran, following a statement from Iran’s Revolutionary Guards branding Prime Minister Benjamin Netanyahu a criminal and vowing to pursue and kill him.
The United States has urged its citizens to leave Iraq, where pro-Iranian groups have launched attacks on the US embassy and bases hosting western military units.
Despite the escalating tensions, citizens of Tehran were able to resume their work week in the most normal atmosphere since the start of the war on February 28.
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