War returns to Iran with Israel, US strikes

Oil prices were set for a sharp weekly fall after the midterm election losses of US President Donald Trump’s Republican Party raised hopes of a de-escalation in the US-Israeli war on Iran, though attacks on vessels in the Middle East continue to provide a floor for the market, Reuters reports.

After early gains in a see-saw session on Friday, Brent crude futures for January were down 74 cents, or 0.8 per cent, to $97.55 a barrel by 0826 GMT. US West Texas Intermediate futures dipped 73 cents, or 0.8pc, to $89.79.

Iran’s army spokesperson Mohammad Akraminia says that Iran would target all assets of the “American enemy without regard to any geographical restrictions” if it is attacked again, Al Jazeera reports.

The head of the Atomic Energy Organisation of Iran (AEOI), Mohammad Eslami, has emphasized that Washington’s continued threats against Iranian nuclear sites reflect its growing desperation, IRNA reports.

Speaking with Russia Today (RT) on Thursday, Eslami said, “The fact that the US president constantly threatens to attack Kuh-e Kolang, and has previously threatened other locations in various ways, is a clear sign of their desperation.”

Elsewhere in his remarks, Eslami criticized International Atomic Energy Agency (IAEA) Director General Rafael Grossi, saying he has become an “obedient agent” of Iran’s adversaries by providing them with information about the country’s nuclear programme.

Iran’s Revolutionary Guards said in a statement carried by state media Friday that two oil tankers caught fire in the Strait of Hormuz, a day after Tehran claimed five other tankers had similar fates, AFP reports.

Since the outbreak of the Middle East war on February 28, Tehran has sought to limit traffic through the strategic waterway, which normally carries about one-fifth of global oil consumption.

The United States has in response imposed a blockade on Iranian ports and escorted tankers through the strait.

US Central Command said last month that it had helped Gulf countries export 1.5 billion barrels of oil via Hormuz since the summer and has recently said that all mines have been cleared from the waterway.

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani spoke by phone with US President Donald Trump to discuss Qatar’s mediation efforts towards a comprehensive agreement to end the regional crisis, a Qatari statement said, Reuters reports.

Iran has submitted a nuclear proposal to Washington through Qatar, a senior Iranian official told Reuters on Thursday, saying the United States was reviewing it but discussions would depend on Washington first meeting Tehran’s seven demands.

Qatar, Kuwait, Bahrain and Jordan on Thursday condemned an attempt by Yemen’s Iran-backed Houthi group to target Saudi Arabia’s Madina region with a ballistic missile, reaffirming full solidarity with Riyadh.

The Saudi-led coalition said its air defenses intercepted and destroyed the missile while also downing a Houthi drone over the kingdom’s Eastern Province.

In a statement, Qatar’s Foreign Ministry described the attempt as “a blatant provocation of Muslims, a reckless disregard for civilian lives,” a violation of Saudi sovereignty and a breach of international law.

The ministry reaffirmed Qatar’s full solidarity with Saudi Arabia and its support for all legitimate measures taken by the kingdom to safeguard its sovereignty, security, territorial integrity and interests.

The UAE’s Foreign Minister Abdullah bin Zayed received a phone call from Iran’s FM Abbas Araghchi, the Gulf country says.

They discussed the latest developments in the region, the UAE’s foreign ministry said, adding that bin Zayed emphasised the importance of de-escalation and advancing diplomatic efforts to enhance regional security and stability.

US President Donald Trump says the US may have to “destroy” the rest of Iran and that rebuilding will take 25 years, adding that people will “know soon enough” if he acts, Al Jazeera reports.

Iran disabled two more US drones near Qeshm island on the country’s southern coast, reported Press TV.

The military claimed the drones were disabled using electronic warfare.

“The fifth and sixth drones of this type were brought down moments earlier, bringing the total number of US MQM-170 aircraft captured by Iranian forces to six,” said an IRGC spokesperson.

US Defence Secretary Pete Hegseth has issued a video message vowing to fight efforts in Congress to impeach him and defending the Iran war as courageous and historic after voters punished Republicans over it in this weeks midterm elections, Reuters reports.

Hegseth’s remarks, posted on social media, come as taunts from his foes in Congress intensify and President Donald Trump swats away questions about whether he might fire Hegseth. Trump has commended his Pentagon chief.

The top Democrat in the House of Representatives, Hakeem Jeffries, asked in a post: “Why is Pete Hegseth still around?”

Hegseth, a former Fox News host, has been a polarising figure who has made enemies even within his own Republican Party. Critics in Congress are targeting his conduct of the Iran war, which Vice President JD Vance has said cost Republicans control of Congress, his firing of top military officers and strained relations with lawmakers as the administration seeks a $1.5 trillion defence spending package.

Spot premiums for Middle Eastern crude benchmarks return to levels seen before the Iran war this week as ample supplies weigh on the market, while cooling refining margins in Asia slow buying interest.

Middle Eastern producers have ramped up crude exports in September and October, which J.P.Morgan analysts say has created a surplus, despite rising attacks on vessels transiting the Strait of Hormuz.

The wave of supply has depressed Middle Eastern crude benchmarks this week to their lowest premiums since July, when an initial agreement to end the US-Israeli war with Iran enabled more Gulf oil exports through the Hormuz strait.

Dubai’s cash premium to swaps slumped to 65 cents a barrel on Monday, the lowest since July, before recovering to $1.55 a barrel on Thursday, Reuters data shows.

Oman’s premium dropped to 95 cents a barrel on Tuesday, the weakest since July, before nudging up to $1.76 on Thursday, Reuters data shows. These premiums mark a big drop from last month’s average of about $8 a barrel.

Two more tankers have caught fire east of the Strait of Hormuz, state-run IRNA reports citing the Iranian Navy.

“The incidents were reportedly caused by the tankers ignoring maritime warnings and entering restricted waters without prior coordination,” IRNA said.

Iranian national security chief Mohsen Rezaei, who is currently visiting Moscow, says he discussed “important regional issues” with Russian President Vladimir Putin, according to the Fars News Agency.

“The supreme leader wished for me to deliver his message to Putin as soon as possible,” Rezaei tells reporters, adding that Putin conveyed his warm regards to Iran’s Supreme Leader Ayatollah Mojtaba Khamenei.

“Important discussions were held regarding the postwar period and the region’s security arrangements,” he adds.

Iranian national security chief Mohsen Rezaei says Iran will sell Russian gas to its neighbours, according to the Fars News Agency.

Talking to reporters, he says that during his meeting with Russian President Vladimir Putin, the construction of a gas pipeline between Russia and Iran was discussed “so that Iran could both overcome its gas shortages and sell Russian gas to neighbouring countries”.

Iranian President Masoud Pezeshkian says that while the country is not in a “neither war nor peace” situation, it is engaged in a full-scale economic war, according to comments carried by state news agency IRNA.

In a video conference with officials, Pezeshkian notes that the US has closed maritime routes and created restrictions on land. He adds that the government is trying its best to keep the country standing against all pressures and resolve the problem.

The Houthis have claimed a drone attack on King Fahd International Airport in Saudi Arabia’s Dammam, according to their spokesperson.

“The operation successfully achieved its objective, resulting in the disruption of air traffic at the airport,” Yahya Saree says in a post on X.

Deputy Prime Minister and Foreign Minister Ishaq Dar has had a phone call with Iranian Foreign Minister Abbas Araghchi and stressed the importance of sustained dialogue and diplomacy to resolve outstanding issues, according to the Foreign Office (FO).

Dar emphasised the need for all parties in the ongoing conflict to remain constructively engaged, reaffirming that active and sustained diplomatic efforts remain essential to ensuring lasting regional peace, security and stability.

The spokesperson for Yemen’s Houthis, Yahya Saree, has responded to Saudi Arabia’s claim that it has intercepted a Yemeni missile over Madina.

“We stress that this claim is yet another in a series of egregious allegations leveled against the dear Muslim people of Yemen and its armed forces,” Iran’s state-run IRNA quoted him as saying.

“Our operations target only its oil facilities and military bases,” the Houthis have said in a statement, according to AFP.

Russian President Vladimir Putin has met Iranian security council chief Mohsen Rezaei at the Kremlin, Reuters reports citing the president’s office.

Kremlin foreign policy aide Yuri Ushakov and military intelligence chief Igor Kostyukov were also present in the Russian delegation for the meeting, an image circulated by the Kremlin shows.

The Saudi-led coalition says it has intercepted a drone in the kingdom’s eastern region.

Turkish Foreign Minister Hakan Fidan and his Iranian counterpart, Abbas Araghchi, have discussed regional developments and ongoing negotiations between Tehran and Washington in a phone call, Anadolu reports citing Turkish diplomatic sources.

The militaries of the US and Israel have drawn up plans for renewed strikes on Iran, Al Jazeera reports citing The New York Times.

It says that the United States is ready to resume major combat operations against the country when ordered by Trump, citing Pentagon and military officials.

“He has already hinted that he is in no rush to resume bombing, despite a major naval and air power buildup that has been underway for weeks as he has mulled whether to launch an intense, short attack on Iran’s surviving nuclear-related sites, along with energy and infrastructure targets,” the newspaper adds.

“Past presidents, suddenly plunged into lame-duck status, have often reached for their military options, partly to demonstrate that their role as commander in chief is undiminished.”

Brent crude futures are up nearly $3 as investors weigh the future course of the US-Israeli war with Iran after President Donald Trump’s Republican Party suffered heavy losses in midterm elections this week, Reuters reports.

Brent futures are up $2.94, or 3.11 per cent, at $97.56 a barrel as of 1417 GMT (7:17pm PKT), while US West Texas Intermediate crude futures have risen $1.73, or 1.96pc, to $89.85.

US President Donald Trump says he intends to keep Pete Hegseth as his secretary of war, despite receiving calls from people expressing dissatisfaction with his leadership, Anadolu reports.

“I have every intention to keep him,” Trump tells ABC News.

Trump acknowledges that some people had contacted him to raise concerns about Hegseth, but questions the criticism.

“I get these calls, you know, about him. I don’t understand why,” he says.

Trump also says that confirming a new Pentagon would be easier before Democrats take over the Senate in January, as they will have the majority needed to vote any nominee down.