The IRGC claims it has full control of the Strait of Hormuz, as the US president attempts to calm the markets
Several tankers off the coast of Iraq along with a major port in Oman are reportedly in flames as the US-Israeli military campaign against Iran continues to send shockwaves across global energy markets.
At least two oil tankers have been targeted in separate attacks near Iraq’s Umm Qasr port early Thursday, while Oman’s Port of Salalah continued to burn overnight. Saudi Arabia and Bahrain have also accused Tehran of targeting their oil facilities. Oman has reportedly evacuated vessels out of its main oil export terminal at Mina Al Fahal as a precaution.
Crude prices shot back to over $100 per barrel, despite Washington’s attempts to calm the markets. The US promised to release 172 million barrels of oil from its strategic reserves over the next 120 days, starting next week.
President Donald Trump has said the US has “virtually destroyed Iran,” but added that he does not want to end the campaign early and needs to “finish the job.” Iran says its military has overwhelmed enemy air defenses, making Israel and US military installations in the Middle East vulnerable to retaliatory strikes.
The IDF has intensified its bombings of Lebanon after Hezbollah coordinated its attacks with Iran’s Islamic Revolutionary Guard Corps (IRGC). The latest Israeli strikes reportedly hit a refugee camp at a beach in Beirut. The total death toll reached at least 634 over the past ten days.
The Pentagon’s internal probe into the suspected US Tomahawk strike on a primary school that killed 168 children reportedly found that “human error” was to blame.
The death toll in Iran stands at 1,348 civilians, with over 17,000 injured. The bombing of oil facilities near Tehran has produced a “black rain” of toxic oil and soot, with residents reporting breathing problems.
The direct cost of the war against Iran has exceeded $11.3 billion in just the first six days of bombings, Pentagon officials told US lawmakers – who are now worried the conflict could escalate into a ground invasion. The US government has borrowed around $1 trillion in the five months since October, adding to the ballooning federal deficit.
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