We are ready for war that could damage global economy, Iran warns

Iran has issued a warning that it is ready for a long-term war of attrition that could significantly impact the global economy amid escalating tensions with the United States and Israel.

This warning follows reports of Iranian forces firing at two commercial ships and threatening vessels associated with the U.S. and its allies in the Strait of Hormuz, a vital route for global oil transportation. Iranian leaders stated that both the U.S. and Israel should brace for a prolonged conflict that could have dire economic repercussions worldwide.

Since February 28, when U.S. and Israeli forces conducted attacks on Iran—resulting in the death of the country’s Supreme Leader and escalating the conflict in the Middle East—oil prices have surged. In response to this spike, the International Energy Agency announced plans to release approximately 400 million barrels of oil from emergency reserves, marking the largest such release to date.

As the conflict marks its 12th day, Iran’s Revolutionary Guard has also threatened to target economic institutions and banks associated with U.S. and Israeli interests, leading several international companies to start evacuating personnel from Dubai.

Tensions have escalated throughout the Gulf region, with reports of drones falling near Dubai’s airport, injuring four individuals, and fuel storage tanks at Oman’s Salalah port being damaged, causing operational suspensions.

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Meanwhile, Israel has intensified its military actions, conducting a new round of airstrikes across Iran and targeting Hezbollah positions in Beirut, with one attack reportedly striking a residential building in central Beirut and causing significant damage.

According to Iranian officials, the ongoing attacks have resulted in over 1,200 deaths and more than 10,000 civi lian injuries.