Despite the most severe US-Israeli strikes to date, Iran shot at Israel and targets throughout the Middle East on Wednesday, hitting at least three ships in the Gulf and proving Tehran can still retaliate and cut off energy supplies. For the time being, investors are wagering that US President Donald Trump will find a speedy way to terminate the war he started alongside Israel over two weeks ago, which has caused oil prices that spiked earlier this week to decline and stock markets to rise.
However, there hasn’t been any improvement on the ground or indication that ships may pass through the Strait of Hormuz safely thus far. This is the greatest disruption to energy supplies since the oil crises of the 1970s, with a fifth of the world’s oil blocked behind a tiny strait along the Iranian coast.
Tuesday’s attacks on Iran, according to the Pentagon, were the most intense in the conflict thus far. Iran’s military command declared it will launch strikes on banks that conduct business with the US or Israel in retaliation for the midnight attack on a bank’s offices in Tehran. It further stated that people in the Middle East should avoid banks within 1,000 meters.
Huge crowds of Iranians flocked to the streets on Wednesday to attend the funerals of top commanders killed in airstrikes, marking the most recent public act of defiance. Along with flags and photographs of the deceased Supreme Leader Ali Khamenei and his son, Mojtaba, they carried coffins.
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