Israel Strikes Tehran as Iran Retaliates: Oil Prices Surge Amid Regional Conflict and Rising Tensions

Israel Strikes Tehran as Iran Retaliates: Oil Prices Surge Amid Regional Conflict and Rising Tensions

World News

The Middle East is witnessing a rapid escalation in hostilities as Israel launched a broad-scale wave of strikes on targets in Tehran, amid reports of explosions in the western part of Iran’s capital. The Israeli Defence Forces (IDF) confirmed detecting another round of Iranian missile launches heading towards Israel, following a series of explosions in Tel Aviv, one of the country’s major commercial hubs.

Iran Rejects Foreign Interference

Iran’s ambassador to the United Nations, Amir Saeid Iravani, strongly condemned US involvement after former President Donald Trump suggested he should participate in selecting the successor to the late Supreme Leader Ayatollah Ali Khamenei. “The selection of Iran’s leadership will take place strictly according to our constitutional procedures and solely by the will of the Iranian people, without any foreign interference,” Iravani emphasized in New York.

US Boosts Weapons Production

In a significant move, major US defence companies have agreed to quadruple production of advanced weapons, according to Trump, on the seventh day of the ongoing conflict. The US military reported striking over 3,000 targets in the first week alone.

Global Oil Markets React

Fears of disrupted oil supply have sent crude prices soaring, as strikes by Israel and Iran’s retaliatory attacks disrupt the Gulf region’s transport and energy sectors. Brent North Sea crude jumped to US$92.69 per barrel, marking an 8.5% increase in a single day and nearly 30% rise over the week.

Attacks Extend Across the Region

Rockets targeted the Baghdad airport complex, home to a military base and a US diplomatic facility. A group claiming affiliation with Tehran-backed Islamic Resistance in Iraq, Saraya Awliyaa al-Dam (Guardians of Blood), claimed responsibility.

Meanwhile, UN peacekeepers in southern Lebanon, mainly from Ghana, were wounded amid Israeli attacks on areas controlled by Hezbollah. Explosions near Erbil airport in Iraqi Kurdistan also forced the temporary shutdown of a US-operated oil field.

US Response and War Objectives

Trump has emphasized that only an “unconditional surrender” by Iran is acceptable to end hostilities, offering to assist in rebuilding Iran’s economy if compliance is achieved. In parallel, the US repatriated six soldiers killed in an Iranian drone strike at a command centre in Port Shuaiba, Kuwait.

Global Concerns and Human Impact

UN Secretary-General Antonio Guterres condemned the attacks, warning that the conflict could spiral out of control and cause severe global economic harm. Only nine commercial ships have passed through the Strait of Hormuz since Monday, a waterway responsible for transporting nearly 20% of the world’s crude oil and LNG.

Regional Deployment

France has deployed a helicopter carrier to the Mediterranean, supplementing earlier dispatches of an aircraft carrier and frigate to safeguard interests. In Lebanon, Israeli strikes have left 217 dead and displaced around 300,000 people, according to the Norwegian Refugee Council, highlighting the deep humanitarian toll.

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