Summary
- US President Donald Trump has set Iran an 8 p.m. Tuesday (midnight GMT) deadline
- He threatened to destroy Iranian power plants and infrastructure
- On Tuesday he said ‘a whole civilization will die’ if there is no deal
- Iran said it would retaliate by hitting infrastructure of its Gulf neighbors
- Tehran has refused to reopen the Strait of Hormuz
- Israel warned Iranians to stay away from trains and railways
The U.N. Security Council is set to vote on a resolution to protect commercial shipping in the Strait of Hormuz, but in significantly watered down form after veto-wielding China opposed authorizing force, according to diplomats.
Kharg Island
Earlier, we told you that a U.S. official said the attack on Iran’s Kharg Island did not impact oil infrastructure.
Now, we are getting confirmation from Iran.
Citing local sources, Iran’s semi-official news agency Mehr said the situation at Iran’s Kharg Island is under control with no damage caused to infrastructure sites after the attack.
There is no disruption to oil facilities in Kharg Island, the Iranian news agency said.
Canada’PM
The parties involved in the Iran conflict must respect international law, Canadian Prime Minister Mark Carney said.
“Canada expects all parties in this conflict, in any conflict, to respect international laws, the rules of engagement, and that means not targeting, certainly civilians or civilian infrastructure. And we urge all parties in this war to follow those responsibilities. It’s a point we’ve made publicly and privately,” Carney told reporters.
Do attacks on civilian infrastructure constitute a war crime?
Trump has threatened to rain “hell” on Iran if it doesn’t meet his Tuesday deadline.
“We have a plan, because of the power of our military, where every bridge in Iran will be decimated by 12 o’clock tomorrow night, where every power plant in Iran will be out of business, burning, exploding, and never to be used again,” Trump said during a press conference on Monday.
European and Asian refiners are paying record high prices of near $150 a barrel for some crude oil grades, far exceeding prices for paper futures.
The Iran war has forced the shutdown of at least 12 million barrels per day – about 12% of world supply – from the Middle East due to Iran’s effective closure of the Strait of Hormuz.
PANIC
As a result, Brent oil futures reached $119.50 a barrel last month, the highest since 2022 although still short of the 2008 record high of $147.50. The nearby Brent contract is for June delivery.
Competition for supply from Asian and European refiners to replace disrupted Middle Eastern oil flows has helped to drive up the prices of replacement crudes for more immediate delivery, such as those in Europe and Africa.
As a result, some crudes are hitting records already.
The main driver of prices is “panic” over supplies, said Adi Imsirovic, a veteran oil trader. “When there is a real, physical shortage, people are not thinking about July delivery – June loading and hence June futures prices – but oil NOW.”
Euro zone growth slowed to a nine-month low on surging energy costs, according to data out on Tuesday.
Carsten Brzeski of ING Research told Reuters his base case is that higher prices at the petrol pump will cut sharply into consumer spending, and could well be a recipe for stagflation.
Israel targeted bridges and railways in Tehran
Around an hour and a half after Trump’s Truth Social post, Israeli Prime Minister Benjamin Netanyahu said in a statement that Israel had targeted bridges and train tracks in Iran on Tuesday.
Earlier we brought you news from Iranian media that bridges had been targeted.
Netanyahu said the Revolutionary Guards had used the bridges and train tracks to transport who he said were operatives, and weapons and raw materials. The Israeli leader provided no evidence to the support the claims.
Israel was “crushing the “terrorist regime in Iran” with increasing force, Netanyahu said.
It is generally prohibited under international law to strike civilian infrastructure. Israel has repeatedly carried out strikes on bridges and other civilian sites in Iran and Lebanon.
“We are striking the terror regime in Iran with increasing force,” he said in the statement released by his office.
The statement made no mention of Trump’s Tuesday deadline.
Earlier on Tuesday, Israel warned Iranians to stay away from trains and railways.
REUTERS
