Oil prices surged past $90 a barrel on Friday as fighting intensified in Lebanon and Iran and President Donald Trump reiterated his demand for “unconditional surrender” from Tehran. The price increase follows days of escalating conflict in the Middle East, with Israeli airstrikes targeting locations within both Iran and Lebanon, according to multiple reports.
Lebanon’s Prime Minister Nawaf Salam stated that his country had been drawn into a war “it did not seek or choose,” warning of an impending “humanitarian disaster” as the conflict expands. The strikes in Lebanon focused on the southern suburbs of Beirut, specifically the Dahiya district, according to the Guardian.
President Trump, speaking via social media, insisted that any potential agreement with Iran would be contingent on “unconditional surrender.” He further stated that the United States should have a role in selecting Iran’s next leader, echoing a similar position he took regarding Venezuela. Trump dismissed the possibility of Mojtaba Khamenei, the son of the late Ayatollah, succeeding his father as supreme leader, deeming it “unacceptable.”
The United States has reportedly allowed India to continue purchasing Russian oil, a move occurring amidst the rising energy prices and geopolitical tensions. U.S. Officials claim this temporary waiver will not provide a “significant financial benefit” to Moscow, according to the Guardian.
U.S. Investigators are examining the possibility that U.S. Forces were responsible for a strike on an Iranian girls’ school on Saturday that resulted in numerous child casualties, Reuters reported, citing two unnamed U.S. Officials. A final conclusion has not yet been reached.
U.S. Central Command (Centcom) reported that Iranian forces launched seven attack drones at residential areas in Bahrain overnight. Centcom accused the Iranian government of attacking 12 countries and deliberately targeting civilians. The Israeli military announced a “new stage” in its campaign against Iran, with both U.S. And Israeli officials hinting at further escalation.
Tehran is reportedly seeking a dialogue with the United States, according to President Trump, who stated that Iranian representatives were “reaching out” to the U.S. Regarding a potential deal. This development occurs as oil markets grapple with the possibility of either regime fragmentation in Iran, leaving no clear counterpart for negotiations, or the emergence of a more hardline successor to Trump, as noted by Forbes.
The U.S. Suspended operations at its embassy in Kuwait as the situation continues to evolve. President Trump indicated that further action to increase pressure on Iran’s oil sector is “imminent,” according to Reuters.
