US President Donald Trump on March 3 warned that war could escalate strongly with Iran if this country tries to block oil tankers from the Middle East.
Speaking at a press conference, Mr. Trump said that the US has caused serious damage to the Iranian air force and navy. He predicted that the war could end earlier than the 4-week timeframe he mentioned, although conditions for winning have not been clearly defined.
Mr. Donald Trump emphasized that the US will increase attacks if Iran tries to block oil tankers passing through the Strait of Hormuz, a route that transports about 20% of global oil supplies. He declared that Washington will attack so strongly that Iran or any supporting party cannot restore control of this area.
The US President's statement was made after a day of strong global financial market volatility due to concerns that Iran is gathering forces around the new Supreme Leader Mojtaba Khamenei and has no intention of compromising.
In response, the Iranian Islamic Revolutionary Guard Corps declared that it would not allow "a liter of oil" to leave the area if US and Israeli attacks continued. A spokesman for this force said that Iran was the one who decided the end of the war.
The war has caused the Hormuz Strait to be almost closed, making oil tankers unable to move for more than 1 week and forcing many producers to stop exploitation when the storage is full. Brent oil prices rose sharply in the trading session, at one point increasing by 29% before adjusting downwards afterwards.
Gasoline prices have become an important political issue in the US as voters are increasingly concerned about rising living costs ahead of midterm elections in November. A Reuters/Ipsos survey shows that 67% of Americans predict gasoline prices will continue to rise in the coming months, while only 29% support the fight.
After a phone call with Russian President Vladimir Putin, Donald Trump said that the US may exempt oil-related sanctions against some countries to reduce supply shortages. Other options being considered include releasing oil from strategic reserves or restricting US exports.
Meanwhile, attacks continued in Iran. A refinery in Tehran was hit, creating a large black smoke column. The World Health Organization warned that the fire poses a risk of food, water and air pollution.
Fighting has also spread to Lebanon and Israel. According to the Iranian ambassador to the United Nations, US and Israeli attacks have killed at least 1,332 Iranian civilians and injured thousands. Lebanon reported more than 400 deaths and nearly 700,000 displaced people.
In Israel, one person died from shrapnel near Tel Aviv International Airport, bringing the total number of deaths from attacks from Iran to 11.
