Dubai, Mar 10: US President Donald Trump said on Monday that the war against Iran could be short-lived but warned that fighting could escalate if global oil supplies are disrupted by the Islamic Republic, which recently appointed a new hard-line supreme leader.
Oil prices briefly surged to their highest levels since 2022 following the selection of Ayatollah Mojtaba Khamenei to succeed his late father as Iran’s supreme leader. Investors saw the move as a sign that Iran was digging in, ten days into the war launched by the United States and Israel. Prices later fell, and US stocks rose on hopes that the conflict may not last long.
“We took a little excursion” to the Middle East “to get rid of some evil. And I think you will see it is going to be a short-term excursion,” Trump told Republican lawmakers at his golf club near Miami.
Hours later, he posted on social media: “If Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States TWENTY TIMES HARDER than they have been hit thus far.”
In response, a spokesperson for Iran’s paramilitary Revolutionary Guard, Ali Mohammad Naini, said, “Iran will determine when the war ends.”
The ongoing conflict has disrupted major oil and gas supplies to world markets, driving fuel prices higher across the US. It has also forced foreigners to flee business hubs and prompted millions to seek shelter as bombs hit military bases, government buildings, oil and water installations, hotels, and at least one school.
Trump also held a call with Russian President Vladimir Putin on Monday to discuss the war and other issues. Putin’s foreign affairs adviser, Yuri Ushakov, said Putin “voiced ideas regarding a quick political and diplomatic settlement” of the conflict following discussions with Gulf leaders and Iranian President Masoud Pezeshkian.
Mojtaba Khamenei, a secretive 56-year-old cleric, is only the third supreme leader in the history of the Islamic Republic. He has close ties to the Revolutionary Guard, which has fired missiles and drones at Israel and Gulf Arab states since his father, Ayatollah Ali Khamenei, was killed during the opening salvo of the war.
Multiple strikes shake Tehran
Dozens of explosions were reported in Tehran, marking the heaviest air raid on the capital since the war began on February 28. Iranian media did not report casualties or damages.
Israel said it was conducting a “wide-scale wave of strikes” on Isfahan, Tehran, and southern Iran, targeting dozens of infrastructure sites, including the Revolutionary Guard’s drone headquarters. Israel also warned its population about incoming missiles from Iran, while Hezbollah fired rockets from Lebanon.
Trump stated that the US is nearing its goal of eliminating Iran’s ballistic missile stockpile and its ability to produce and launch them. He also hinted at “building a new country,” suggesting broader ambitions for post-conflict reconstruction.
Thousands rallied in Tehran and other cities in support of the new supreme leader, chanting slogans such as “Death to America” and “Death to Israel.” Mojtaba Khamenei, who has not appeared publicly since the war began, is seen as more hard-line than his late father and holds final authority over major policies, including Iran’s disputed nuclear program.
Despite US strikes leaving key nuclear sites in tatters, Iran still possesses highly enriched uranium that is a technical step from weapons-grade material. Khamenei could potentially pursue what his father never did — building a nuclear bomb.
Trump said the conflict began because Iran was working on a new nuclear development site to replace one destroyed by the US last year. Israel has already labeled Khamenei a potential target, though Trump said it “would be inappropriate” to comment on any specific targeting.
US market reacts to uncertainty
US markets swung sharply on Monday, initially falling steeply before recovering as hopes grew that the conflict might not be prolonged. Oil prices fluctuated between nearly $120 per barrel, the highest since 2022, and around $90.
Iran’s attacks in the Strait of Hormuz have effectively halted tanker traffic through the shipping lane that carries one-fifth of the world’s oil, while drones and missiles have targeted oil and gas infrastructure. Attacks on merchant vessels near the strait have killed at least seven mariners, according to the International Maritime Organisation. (Agency)
