The United States and Iran prepare for a wider war as oil prices jump following nine consecutive days of strikes.
The United States is preparing for a wider war with Iran as both nations continue to exchange strikes across the Middle East. The administration announced that the U.S. hit Iran for a ninth consecutive night, while Iran’s Islamic Revolutionary Guard Corps targeted American assets in Jordan, Kuwait, and Syria. These escalating tensions caused oil prices to jump more than 2% on Monday, with Brent crude rising above $90 a barrel. An American official familiar with internal discussions warned that while the U.S. is rushing military aircraft to the region, operations may be limited by low stockpiles of long-range munitions and air defenses. Meanwhile, Iranian foreign minister Abbas Araghchi stated that negotiations should only begin once Iran achieves a reliable strategic achievement on the military front. Shipping traffic through the Strait of Hormuz remains limited as the conflict intensifies. The U.S. continues to weigh the costs of the escalation as both sides move closer to an all-out war.