Bloomberg – Iran Strikes Gulf Targets as Trump’s Hormuz Deadline Approaches
Iran carried out fresh strikes across the Persian Gulf hours before US President Donald Trump’s deadline to reopen the Strait of Hormuz expires, as the waterway’s closure continues to rattle global energy markets.
The United Arab Emirates reported drone and missile attacks by the Islamic Republic overnight into Monday. Israel launched a wave of airstrikes on infrastructure in Tehran and said it’s preparing to expand ground operations in Lebanon, where it’s fighting Iran-aligned Hezbollah.
Trump’s 48-hour ultimatum to “fully open” the vital strait — a conduit for about a fifth of global oil and liquefied natural gas exports — expires at 7:44 p.m. eastern time on Monday, after which he’s threatened strikes on Iran’s power plants.
Should such an attack occur, Iran has threatened to hit power and water plants across the region. One senior Iranian official said on social media that the headquarters and assets of financial entities that buy US Treasury bonds are “legitimate targets.”
The mutual threats come as the war approaches a possible inflection point. The conflict — now in its 24th day — has already claimed more than 4,200 lives, rattled oil markets and stoked fears of global inflation. Israeli airstrikes on a key Iranian gas field last week triggered a wave of reprisals, damaging some of the region’s main energy-producing assets, including Qatar’s giant LNG plant in Ras Laffan.
International Energy Agency Executive Director Fatih Birol said more than 40 energy sites across nine countries in the Middle East have been “severely or very severely” damaged, potentially prolonging disruptions to global supply chains once the conflict ends.
The damage means it will take some time for oil fields, refineries and pipelines to be brought back online, Birol said in Canberra, Australia, on Monday.
A selloff in stocks, gold and bonds deepened as the US and Iran signaled potential escalation. Asian shares fell for a third day and were set to enter a correction, while gold slid for a ninth day. Brent oil was trading at $112.7 a barrel as of 9:02 a.m. in Dubai, extending its advance since the beginning of the war to more than 55%.
The Israel Defense Forces began a wave of strikes on infrastructure in Tehran, according to an IDF post on Telegram that didn’t provide further details. Defense Minister Israel Katz said at the weekend that the intensity of Israeli and US military attacks on Iran and its infrastructure “will increase significantly” in the coming week.
Those comments came after signs that Iran’s missile strikes against Israel have picked up in recent days. On Saturday, about 115 people were injured in the southern cities of Arad and Dimona, the latter of which lends its name to a nearby nuclear-research facility. Iranian media said the strike was in retaliation for an attack on its Natanz nuclear facility.
Israeli Prime Minister Benjamin Netanyahu reiterated his country’s military objectives, telling reporters the aims are to “break completely their nuclear program, break completely their missile program.” He added that Israel has “a goal of creating conditions” for Iranians to overthrow their leaders and called on other countries to join the war.
US Treasury Secretary Scott Bessent said attacks are aimed at destroying Iran’s fortifications along the Strait of Hormuz. Trump will “take whatever steps it takes” to achieve goals including destroying Iran’s air force and navy, denying it the ability to have nuclear weapons and “project power internationally,” Bessent said Sunday on NBC’s Meet the Press.
Trump’s 48-hour ultimatum came a day after he said he’s considering “winding down” operations and shifting responsibility for policing Hormuz to other countries — underscoring mixed signals that have left governments and markets scrambling.
The US-Israeli alliance began the war on Iran on Feb. 28, with Trump saying he acted to eliminate a nuclear threat and claiming Tehran was two weeks away from acquiring a weapon. Iran denies pursuing atomic arms, and many nuclear experts say it would have taken far longer to build a bomb.
Price spikes — particularly gasoline — pose political risks for Trump at home, just eight months before midterm elections. Some Republicans are uneasy about further escalation.
Iran has about 100 operational natural gas power plants, according to data compiled by Bloomberg. Among the largest are the Damavand plant near Tehran, the Ramin facility north of Ahvaz in the west, and the Kerman facility in Chatroud in the southeast.
The US-based Human Rights Activists News Agency said at least 3,231 people have died in Iran. Of those, 1,407 were civilians, 1,167 were members of the military and the status of the rest has yet to be ascertained.
In Lebanon, where Israel has intensified its offensive against Hezbollah militants, the death toll exceeds 1,000. Dozens have been killed in Israel and Arab states.
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