The IRGC claims full control of the Strait of Hormuz as the US president tries to calm the markets.
Several tankers off the coast of Iraq and a major port in Oman are reportedly ablaze as the US-Israeli military operation against Iran continues to send shockwaves through global energy markets.
At least two oil tankers were targeted in separate attacks near Iraq’s Umm Qasr port early Thursday, while Oman’s Salalah port continued to burn overnight. Saudi Arabia and Bahrain have also accused Tehran of targeting their oil facilities. Oman has reportedly evacuated ships from its main oil export terminal at Mina Al Fahl as a precaution.
Despite Washington’s efforts to calm the markets, crude prices returned to $100 per barrel. 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 “A Virtually Destroyed Iran” But he added that he did not want and needed to end the campaign early “Finish the job.” Iran says its military has overwhelmed enemy air defenses, making Israeli and US military installations in the Middle East vulnerable to retaliatory strikes.
Read more: A war on Iran could remake the world
The IDF has intensified its bombing campaign in Lebanon after Hezbollah coordinated its attacks with Iran’s Islamic Revolutionary Guard Corps (IRGC). The latest Israeli strikes reportedly hit a refugee camp on the beach in Beirut. The total death toll in the last ten days has reached at least 634.
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The death toll in Iran was 1,348 civilians, with over 17,000 injured. The bombing of oil facilities near Tehran was a “Black Rain” Toxic oil and soot, residents report respiratory problems.
The direct cost of the war against Iran exceeded $11.3 billion in the first six days of the bombing, Pentagon officials told US lawmakers – who now fear the conflict could escalate to a ground invasion. The US government borrowed nearly $1 trillion in the five months through October, adding to the federal deficit.
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