Overview
- Iran’s Revolutionary Guards said no oil will leave the Middle East while U.S. and Israeli attacks continue and declared they will decide when the war ends.
- President Donald Trump predicted a short conflict and warned Iran would be hit “twenty times harder” if it disrupts the Strait of Hormuz, while floating sanctions waivers and other steps to ease supply strains.
- The Strait of Hormuz has been effectively shut for more than a week, leaving tankers idle and forcing producers to curb output as storage fills, with Brent spiking near $120 before dropping more than 10% on Tuesday as stocks rebounded.
- Iran’s Assembly of Experts installed Mojtaba Khamenei as supreme leader and senior officials ruled out talks, as Israel widened strikes in Iran and Lebanon and reported fresh Iranian launches.
- At least 1,332 Iranian civilian deaths have been reported and the U.S. counts seven service members killed, while regional attacks hit Gulf energy and cities, a Turkish interception stopped a missile entering NATO airspace, and an Iranian refinery blaze choked Tehran in smoke.