"We’re Ready for Long War that Will Destroy Global Economy": Iran Warns
- Iran warned that it is prepared for a prolonged war of attrition that could cripple the global economy as fighting intensified across the Middle East
- Oil prices surged, and the International Energy Agency approved the largest-ever coordinated release of strategic reserves to stabilise markets
- Commercial shipping and Gulf infrastructure were hit as tensions centred on the Strait of Hormuz, a vital artery for global energy trade
Iran declared readiness for a prolonged conflict that could cripple the global economy as hostilities in the Middle East intensified and critical trade routes came under threat.
The warning followed attacks on commercial shipping and fresh signals from Tehran that vessels linked to the United States and its allies would be considered legitimate targets, Daily Trust reported.
Source: Getty Images
The statement came as Iran tightened control over the Strait of Hormuz, a corridor that handles a major share of the world’s oil and liquefied natural gas exports.
The development contrasted sharply with remarks from US President Donald Trump, who told Axios the conflict would end soon because American forces had limited remaining targets inside Iran.
Iran signals prolonged global economic war
Oil markets reacted sharply to the deteriorating security situation. Prices have climbed steadily since February 28, when US and Israeli strikes on Iran triggered a wider regional war.
The surge prompted the International Energy Agency to announce the release of 400 million barrels of oil from member states’ reserves, its largest coordinated drawdown to date.
As the fighting entered its 12th day, Iran’s Revolutionary Guard said it would expand operations to include economic centres and banks linked to US and Israeli interests. The threat accelerated evacuations by international firms from Dubai, a key regional business hub.
Source: Getty Images
Strait of Hormuz tensions shake markets
Attention remained fixed on the Strait of Hormuz, which carries about one-fifth of global crude shipments and a significant volume of fertiliser used in global food production.
Ali Fadavi, an adviser to the Revolutionary Guard commander, warned on state television that the United States and Israel “must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy”.
Iran confirmed it had fired on the Liberian-flagged container ship Express Rome and the Thai bulk carrier Mayuree Naree, saying both had ignored naval warnings before entering the strait. Oman’s navy rescued 20 crew members, while search efforts continued for three others.
Images released by Thai authorities showed heavy smoke rising from one of the damaged vessels.
Global leaders urged restraint as the economic risks mounted. French President Emmanuel Macron called on G7 nations to act quickly to restore freedom of navigation, while the United Nations appealed for the safe passage of humanitarian cargo.
Conflict spreads across the region
Iranian-linked attacks also targeted Gulf infrastructure. Drones fell near Dubai airport, injuring four people, according to local authorities. Fuel tanks at Oman’s Salalah port were struck, forcing a suspension of operations in part of the facility.
On the Israeli front, Defence Minister Israel Katz said operations would continue without a set timeframe. Israel announced a new wave of strikes across Iran and against Hezbollah positions in Lebanon.
An air strike hit a residential building in central Beirut, causing extensive damage and civilian distress.
Iranian officials warned against domestic dissent as casualties mounted. Tehran reported more than 1,200 deaths and over 10,000 civilian injuries from US and Israeli strikes, underscoring the human cost of a conflict that now threatens global economic stability.
Two killed after projectile strikes Saudi Arabia
Earlier, Legit.ng reported that amid the US-Iran war, a military projectile struck a residential compound used by a maintenance and cleaning company in Al-Kharj, and Saudi authorities confirmed this on Sunday. Two people were killed, and 12 others sustained injuries in the incident.
According to the Saudi Gazette, the Saudi Civil Defence said the projectile hit the residential site and caused damage to the facility. Emergency response teams arrived shortly after the incident and carried out standard rescue and safety procedures.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
