Author: Parisa Hafezi, Enas Alashray and Kanishka Singh
DUBAI/CAIRO/WASHINGTON, March 10 (Reuters) – Iran’s Revolutionary Guards said on Tuesday they would not allow “one liter of oil” to be shipped from the Middle East if the United States and Israel continued attacks, prompting U.S. President Donald Trump to warn that the United States would crack down harder on Iran if it blocks exports from the key energy-producing region.
Trump’s comments came after global financial markets were roiled on Monday by worries that Iran’s security establishment is united behind new Supreme Leader Mojtaba Khamenei and is not prepared to concede any time soon.
Trump said the United States had inflicted serious damage on Iranian forces and predicted the conflict would end before his initial four-week time frame, although he did not specify what victory would look like.
Israel says its purpose in the war is to overthrow Iran’s clerical system of rule. U.S. officials have largely said Washington aims to destroy Iran’s missile capabilities and nuclear program, but Trump has said the war will only end if the Iranian government complies.
Iran’s ambassador to the United Nations said that at least 1,332 Iranian civilians have been killed and thousands injured since the United States and Israel launched a series of air and missile attacks on Iran in late February.
Trump warned that U.S. attacks could increase sharply if Iran tries to block oil tanker traffic through the Strait of Hormuz. The Strait of Hormuz is responsible for one-fifth of the world’s oil supplies.
“We’re going to hit them so hard that there’s no way they or anyone else can help them restore this area,” Trump said at a news conference on Monday.
Iran says it will decide end of war
Iran’s Islamic Revolutionary Guard Corps said they would not allow any oil to leave the region if the United States and Israel continue to launch attacks.
“We will decide the end of the war,” a spokesman said, according to state media.
In a later Truth Society post, Trump reiterated his warning.
“If Iran takes any steps to stop the flow of oil within the Strait of Hormuz, they will be hit by the United States of America twenty times harder than they have been hit so far,” he said.
The war has effectively closed the Strait of Hormuz, preventing tankers from sailing for more than a week and forcing producers to stop pumping oil as storage facilities fill up.
Khamenei’s appointment on Monday appeared to dash hopes of a quick end to the war, sending oil markets soaring and stocks tumbling, but things veered the other way when Trump predicted a quick end to the war and reports emerged that sanctions on Russian energy could be eased.
After speaking with Russian President Vladimir Putin, Trump said the United States would drop oil-related sanctions on “some countries” to ease oil shortages. That could mean a further easing of sanctions on Russian oil, which could complicate punishing Moscow for its efforts in the Ukraine war, according to multiple sources. Other options include potentially releasing oil from strategic reserves or limiting U.S. exports, the sources said.
Brent crude futures fell more than 10% on Tuesday after surging 29% on Monday to their highest level since 2022. Global stock markets also rebounded.
Gasoline prices have particular political resonance in the United States, with voters citing rising costs as their top concern ahead of midterm elections in November, when Trump’s Republicans will try to retain control of Congress.
A Reuters/Ipsos poll released on Monday showed that 67% of Americans expect gasoline prices to rise in the coming months, and only 29% support war.
Refineries hit hard
Tehran was shrouded in black smoke after an attack on an oil refinery, escalating attacks on Iran’s domestic energy supplies. World Health Organization Director-General Tedros Adhanom Ghebreyesus warned that fires could contaminate food, water and air.
Turkey said a NATO air defense system shot down a ballistic missile launched from Iran that entered Turkish airspace, the second such incident in the war. Iran did not immediately comment on the report.
The Israeli military said it launched new attacks in central Iran and hit the Lebanese capital Beirut, expanding the scope of the attack after the Iran-backed militia Hezbollah opened fire across the border.
In Australia, five Iranian women’s football team players have been granted humanitarian visas after seeking asylum over fears of persecution in their home country. Canberra has also pledged to send military surveillance aircraft to the Middle East and missiles to the United Arab Emirates to help them defend against attacks from Iran.
(Reporting by Reuters; Writing by Lincoln Feaster; Editing by Michael Perry)
