Iran warns it will escalate strikes as blockade bites
The U.S.-Iran war has continued into its seventh month with repeated naval and missile exchanges, including Washington saying it destroyed five Iranian energy tankers and Tehran firing about 20 missiles at a Jordanian airbase used by the U.S. Iran says it is prepared to escalate if U.S. attacks continue and claims it has rebuilt missile stocks for a lengthy conflict. The blockade has sharply squeezed Iran’s economy, curtailing petroleum exports and imports, driving inflation toward 90% and weakening the rial, while Brent crude topped $100 and U.S. diesel reached record levels.
Brent crude rose above $100 per barrel.
Context
The conflict began after U.S. and Israeli strikes on Iran in late February. Fighting has since moved to the Strait of Hormuz and a naval blockade. Next, either more escalation or renewed talks could follow if the blockade is lifted.
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