Becca Wasser, Bloomberg Economics Defense Lead, breaks down remarks from US Defense Secretary Pete Hegseth and US Chairman of the Joint Chiefs of Staff General Dan Caine as the US strikes Iran.
US President Donald Trump said the bombing campaign against Iran could last for weeks and called on the nation’s leaders to capitulate, while the Islamic Republic’s security chief ruled out negotiations.
The conflict continued to reverberate across the Middle East on Monday, with blasts heard across Israel, Saudi Arabia, Qatar and the United Arab Emirates, as states intercepted Iranian missiles launched in response to US-Israeli strikes. Oil surged the most in four years and airlines suspended flights, causing major disruptions at some of the world’s busiest airports.
The US said three fighter jets crashed in Kuwait due to an apparent friendly fire incident. Israel expanded its campaign to Beirut after coming under attack from Hezbollah fighters in southern Lebanon, who are allied with Tehran.
Oil traded about 10% higher near $80 a barrel as traders gauged the impact of the war on energy flows, with tanker traffic through the vital Strait of Hormuz at a near halt.
QatarEnergy suspended production of liquefied natural gas due to attacks on its facilities, while operations were paused at Saudi Arabia’s largest refinery after a drone strike. Fuel prices soared across global markets. Stocks tumbled.
Read More From Bloomberg Intelligence: BI IRAN
Trump called on Iran’s generals to hand power to the nation’s people and said he’s agreed to talk with new leadership after the weekend killing of supreme leader, Ayatollah Ali Khamenei, according to The Atlantic. Iran’s security chief Ali Larijani said Tehran won’t negotiate with the US, responding to reports that he had reached out to American officials through Omani mediators.
Over the past 48 hours, Trump has made various and sometimes contradictory statements on the attack, including that it could end in a few days or last four to five weeks. He’s listed aims such as the freedom of Iranians and preventing the country from having long-range missiles and nuclear weapons. He’s also said he could cut a deal with the Islamic Republic.
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