Israel launched more strikes on Tehran Monday as Iran warned it could begin striking power plants across the Gulf region. The threat followed an ultimatum from former President Donald Trump posted on Truth Social Saturday giving Tehran 48 hours to reopen the Strait of Hormuz, a move that rattled markets and sent stocks tumbling.
Iran’s Supreme National Security Council said Monday that “non-belligerent” countries may only transit the Strait of Hormuz through coordination with Iran, and warned that any attack on Iran’s coasts or islands would prompt mine-laying across Gulf sea lanes. The council also pledged a “decisive and devastating response” to any strikes on Iranian energy infrastructure.
On Truth Social, Trump wrote: “America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” Roughly a fifth of the world’s oil passed through the Strait of Hormuz last year. Iran’s threats against transport vessels have effectively halted much traffic through the crucial waterway, raising fears of prolonged disruptions to global energy supplies.
Global markets reacted sharply. Stocks in Asia and Europe fell Monday, while oil prices remained above $100 a barrel — more than 50% higher since the start of the war with Iran. The volatility underscored growing concern that the conflict shows little sign of ending, even as Trump has recently suggested he is considering “winding down” U.S. military efforts in the region.
Saudi Arabia’s Defense Ministry said it intercepted a ballistic missile launched toward Riyadh and continued to intercept drones overnight.
Key developments:
Iran threatens attacks on Gulf energy infrastructure
– Iranian officials warned that if the U.S. strikes Iran’s power plants, Iran would retaliate against energy and water infrastructure across the Gulf, including in countries that host U.S. military bases.
– The Defense Council reiterated that transit for “non-belligerent” ships must be coordinated with Iran and warned that mine-laying beyond the narrow Strait could effectively block wider maritime traffic.
CENTCOM chief: U.S. campaign “ahead or on plan”
– U.S. Central Command commander Adm. Brad Cooper said the Strait of Hormuz is “physically open” but that commercial vessels are avoiding the area because Iran has been firing missiles and drones at ships.
– Cooper told Iran International that the U.S. campaign is “ahead or on plan” and asserted that Iran’s military capabilities are deteriorating.
– He accused Iran of increasingly targeting civilians across the Middle East, saying, “They’re operating in a sign of desperation…in the last couple of weeks they’ve attacked civilian targets very deliberately, more than 300 times.”
IEA warns global economy faces “major, major threat”
– Fatih Birol, head of the International Energy Agency, warned the conflict poses a “major, major threat” to the global economy because of disrupted oil and gas flows.
– Speaking at Australia’s National Press Club in Canberra, Birol said the situation is “very severe” and noted that “at least 40 energy facilities across nine countries have also been severely damaged in the conflict.”
– He said oil supply losses have reached about 11 million barrels per day, a figure he described as larger than the combined shocks of 1973 and 1979.
– The IEA is consulting with governments in Europe, Asia, North America and the Middle East about releasing additional strategic stockpiles beyond the roughly 400 million barrels already released earlier this month.