Iran Vows Retaliation as Tensions with US Escalate
Iran's parliament speaker, Mohammad Baqer Qalibaf, warned on Monday that the country would retaliate against any new US attacks on its assets. He claimed that US energy companies' facilities in the region are 'exposed' and vulnerable to Iranian strikes.
The warning came after a weekend of tit-for-tat military actions between Iran and the US, including US strikes on three Iranian oil tankers. The Strait of Hormuz, which is a critical global oil supply route, has seen a significant decrease in traffic over the past 10 days, with an average of just 10 commodity ships transiting the area per day.
The tensions between Iran and the US have been escalating since February, when the two countries' conflict began. The war has had far-reaching consequences for both economies, including higher oil prices. Brent crude futures reached their highest point since July 24 on Monday at $97.93 a barrel before dropping to $96.19.
Iran's economy is struggling under US sanctions, which have led to currency fluctuations, inflation, unemployment, and market management issues. The country's main battle now is over production and people's livelihoods, according to Qalibaf.