The United States and Israel launched some of the most intense airstrikes of the war against Iran on Tuesday, according to the Pentagon and residents on the ground, even as global markets continued to bet that Donald Trump may soon move to end the conflict.
Escalating tensions raised fresh concerns for the global economy after Iran’s Islamic Revolutionary Guard Corps warned it would halt oil shipments from the Gulf unless U.S. and Israeli attacks stop. The group said it had launched missiles toward the U.S.-operated Al Udeid Air Base in Qatar and the Al Harir Air Base in Iraq’s Kurdistan region. Drone strikes were also reported near the Al Dhafra Air Base in the United Arab Emirates and the Naval Support Activity Bahrain in Bahrain.
Iranian state media later reported additional attacks on U.S. military installations in Bahrain early Wednesday. At the same time, Iran fired missile barrages toward central Israel, with air defence systems intercepting rockets as sirens sounded and civilians sought shelter.
The new attacks came alongside fresh Israeli strikes in Beirut targeting the Iran-backed militant group Hezbollah, which has been launching attacks from Lebanon in support of Tehran.
The White House repeated Trump’s warning that Iran would face severe retaliation if it attempted to block energy flows through the Strait of Hormuz, where the conflict has effectively disrupted about one-fifth of global oil and liquefied natural gas shipments.
Speaking at a Pentagon briefing, U.S. Defense Secretary Pete Hegseth said the day would see the most intense strikes yet inside Iran, involving a larger number of fighter jets, bombers, and precision attacks. Trump later said U.S. forces had destroyed ten Iranian mine-laying vessels, though he did not disclose where the strikes occurred.
Residents in Tehran described the heaviest bombardment since the war began. One resident told Reuters that the attacks felt like “hell,” with bombs falling across the city and families unable to sleep amid the explosions.
Despite the escalation, financial markets appeared convinced the conflict may end relatively soon. After crude oil surged to nearly $120 a barrel on Monday, prices reversed course, with Brent crude dropping below $90 on Tuesday. Equity markets in Asia and Europe recovered part of their earlier losses, while U.S. stocks returned close to levels seen before the war.
A source familiar with Israeli strategy said the military was trying to inflict as much damage as possible before the window for further strikes closes, assuming Trump could halt the conflict at any time. Israeli Foreign Minister Gideon Saar said the war would continue until Israel and its partners decide conditions are right to stop, stressing that the country was not seeking an endless conflict.
Iran has rejected Trump’s demand that the United States have a say in choosing its leadership and has instead appointed hardliner Mojtaba Khamenei as supreme leader following the death of his father at the start of the war.
Several Iranian officials signalled continued defiance. Parliament speaker Mohammad Baqer Qalibaf said Tehran was not seeking a ceasefire and would continue retaliating against its adversaries, whilst Foreign Minister Abbas Araqchi said negotiations with Washington were unlikely to resume.
The war has already caused heavy casualties and damage. Iran’s ambassador to the United Nations said more than 1,300 Iranian civilians have been killed since the strikes began on February 28, with thousands of homes and hundreds of commercial and public facilities destroyed. Iranian attacks have also killed people in Israel, whilst clashes linked to the conflict have caused additional casualties in Lebanon.
The U.S. Department of Defense said six American soldiers were killed at the start of the war and around 140 troops have since been wounded during the fighting.
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