[Iran Crisis] Iran: If we can endure oil prices rising above $200, "we will continue this game" Oil prices once surged 30% to $120 (updating)

Iran’s Central Commander spokesperson delivers a video speech, warning the United States and Israel to stop “inhuman actions.” The spokesperson told the US and Israel, “If you can tolerate oil prices rising above $200 per barrel, then keep playing this game.”

Iranian Parliament Speaker Kalibaf stated that if the current conflict further expands to the infrastructure level, its economic impact will persist for a long time across the region and globally. He said that under such circumstances, international oil prices could remain in the triple digits for quite some time.

The Iranian Islamic Revolutionary Guard Corps issued a statement saying that they have carried out the 31st wave of “True Commitment 4” operations, using heavy missiles to attack US and Israeli targets. The IRGC also stated that early this morning, the IRGC Navy used multiple drones and cruise missiles to strike and “destroy” a US helicopter base in Kuwait, including fuel tanks, helicopter ramps, and other logistical and support facilities. They described this operation as “extremely critical.”

Shipping networks show no oil tankers passing through the Strait of Hormuz, and Gulf countries are reducing production. International oil prices surged by nearly 30%, approaching $120 per barrel. However, reports indicate that the G7 may discuss jointly releasing oil reserves, narrowing the price increase, which is now about 10% higher.

The sharp rise in oil prices has intensified global market turbulence, triggering circuit breakers in Japan and South Korea markets. US stock futures dropped more than 1,000 points on Monday morning; the Dow futures fell over 600 points at market open, the Nasdaq declined 1.2%, and the S&P 500 dropped 80 points. The US dollar index stands at 99.185.

Trump posted on Truth Social, “Short-term oil prices will drop rapidly after the Iranian nuclear threat is eliminated. This is a very small price to pay for US and global security and peace. Only fools would think otherwise.”

Hameini’s Son Mojtaba Appointed as Iran’s Supreme Leader

According to Iranian state media, the Expert Council has selected Mojtaba Khamenei to succeed his father, Ayatollah Ali Khamenei, as the country’s new Supreme Leader.

The IRGC issued a statement welcoming Mojtaba Khamenei’s appointment. The statement described him as “a comprehensive jurist, a young thinker, and the most knowledgeable on political and social issues,” expressing respect, loyalty, and obedience. It also said members are “ready to fully obey and sacrifice themselves in executing the sacred orders of the Guardian Jurist.”

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Iran: New leader to be chosen within 24 hours, UK plans to send two aircraft carriers, Trump: Those who don’t need to wait until victory to join the fight

Trump, speaking with reporters aboard Air Force One, said unconditional surrender means “they surrender, or when they can no longer fight, and no one around to surrender, that might happen because you know we have eliminated their leadership many times.” Regarding the lack of ships passing through the Strait of Hormuz, Trump said, “That’s their choice. But we’ve cleared it; we’ve destroyed their navy. Their navy is now at the bottom of the sea.”

He continued, “We expect oil prices to rise, which is expected. But they will also fall. They will fall very quickly.” Trump indicated that the Strategic Petroleum Reserve will be used when appropriate.

Regarding deploying ground forces, Trump said it must be for very solid reasons, “If we do that, they will face devastating blows so severe they cannot fight on the ground.” He also said he does not want the Kurds involved, nor does he want this war to become more complicated, “I’ve told them I don’t want them to go in.”

Trump added, “We’ve taken out one leadership layer, then the second, and now they are at the third or fourth layer, with leaders no one even knows who they are.”

According to expert council member Ayatollah Mozafari, cited by semi-official Iranian news agency Fars, Iran plans to hold a meeting within 24 hours to elect a new Supreme Leader. The IRGC spokesperson told national TV that Iran is “completely prepared to continue intense, full-scale war for at least six months at the current pace.”

Additionally, the Iranian president said he has instructed the military not to attack any countries that have not attacked Iran, despite attacks on the UAE, Saudi Arabia, and other nations.

The Dubai Media Office announced a temporary halt to all operations at Dubai International Airport for security reasons.

The UAE president issued a rare warning to the country’s “enemies” not to mistake the UAE’s prosperity for weakness. As Iran continues attacks on this Gulf nation, he said, “The UAE is tough and resilient, not an easy target,” and visited a hospital where injured civilians from Iran attacks are being treated.

Several European officials have revealed that Saudi Arabia has increased direct contacts with Iran in an attempt to curb Middle East war, which has caused serious turmoil and put global markets under pressure.

On the oil production front, Abu Dhabi National Oil Company, the largest oil producer in the UAE, said it is “managing” offshore oil output levels to meet storage demands. The company continues to utilize export routes bypassing the Strait of Hormuz and its international storage facilities to ensure supply reaches global customers.

Trump announced on Truth Social, “Britain, our former greatest ally, perhaps the greatest, is finally seriously considering sending two aircraft carriers to the Middle East. No problem, Prime Minister Sunak, we no longer need them—but we will remember. We don’t need to wait until we’ve won the war to join the fight!”

He also claimed that Iran, a country suffering heavy blows, has apologized to neighboring Middle Eastern countries and surrendered, promising not to fire on them again. This promise was made solely because of the relentless attacks by the US and Israel. They originally hoped to take over and dominate the entire Middle East. This is Iran’s first defeat by neighboring Middle Eastern countries in thousands of years. They said, “Thank you, President Trump.” I replied, “You’re welcome!” Iran is no longer the “bully of the Middle East”; instead, they are now “the losers of the Middle East,” and will remain so for decades until they surrender or, more likely, collapse completely! Today, Iran will face a heavy blow! Due to Iran’s malicious actions, some areas and populations that have not yet been targeted are being seriously considered for total destruction and inevitable death.

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U.S. provides $20 billion reinsurance for oil tankers, Trump: Weapons production tripled

After announcing the guarantee for ships passing through the Strait of Hormuz, the U.S. International Development Finance Corporation (DFC), led by CEO Ben Black and U.S. Treasury Secretary Janet Yellen, announced that the reinsurance mechanism will provide up to approximately $20 billion in loss coverage, covering oil tankers and other maritime traffic, aiming to restore passage through the Strait of Hormuz.

Due to the Iran conflict causing a halt in Persian Gulf tanker traffic, U.S. crude oil prices surged over 13%, breaking $91 per barrel. Some Gulf countries, unable to export oil via the strait, have begun reducing production.

Ben Black stated, “We are confident this reinsurance plan will ensure the smooth passage of oil, gasoline, LNG, jet fuel, and fertilizers through the Strait of Hormuz, allowing them to flow back into the global market.”

Source: https://www.dfc.gov/media/press-releases/dfc-announces-20b-plan-maritime-reinsurance-gulf

Meanwhile, Qatar is loading liquefied natural gas (LNG).

Trump posted on Truth Social, “Had a very successful meeting with our top defense manufacturers, discussing capacity and production schedules. They agreed to increase the ‘Exquisite Class’ weapons production by four times because we want to reach maximum output as soon as possible.”

“Expansion efforts began three months ago, and many factories for these types of weapons are now under construction and in production. We have nearly unlimited supplies of medium and upper-tier munitions, such as those currently used against Iran and recently in Venezuela. Still, we are increasing orders for these levels of weapons.”

“Attending companies include BAE Systems, Boeing, Honeywell Aerospace, L3Harris Missile Solutions, Lockheed Martin, Northrop Grumman, and Raytheon CEOs. A follow-up meeting is scheduled in two months. States across the country are bidding for these new factories.”

Additionally, Yellen indicated that the U.S. might lift sanctions on further Russian oil supplies, “The Treasury has agreed to let our allies, India, start purchasing Russian crude oil already at sea, to help alleviate the temporary global oil shortage. We are allowing them to receive this Russian oil. We may lift sanctions on other Russian oil.”

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U.S. and Iran failed to reach an agreement last week; on Saturday (28th), the U.S. and Israel launched strikes on Tehran, with multiple explosions. President Trump later confirmed that U.S. forces have launched a “major combat operation” inside Iran.

According to Fars News Agency, targets included US bases in Kuwait, UAE, Qatar, and Bahrain. AFP reports explosions in Riyadh, Manama, and Doha.

Bahrain confirmed that the US Fifth Fleet was attacked in Manama. The Bahrain News Agency issued a brief statement: “Fifth Fleet service center was missile attacked.”

The UAE Defense Ministry confirmed that it was struck by Iranian ballistic missiles; air defenses intercepted “multiple” missiles. An attack on a residential area in Abu Dhabi caused property damage and resulted in one death of an Asian individual.

Videos show explosions in Juffair, Bahrain, home to the US Fifth Fleet headquarters.

Trump responds firmly: Iran’s regime must not possess nuclear weapons

Trump posted a video on Truth Social: “Our goal is to eliminate the imminent threat posed by the Iranian regime to defend Americans. The Iranian regime is a group of very stubborn, terrible villains.”

He emphasized that maintaining the US policy during his administration, Iran must not have nuclear weapons.

“In the past 47 years, the Iranian regime has shouted ‘Death to America,’ launched one bloody massacre after another, and murdered countless innocent civilians in many countries. Imagine if one day this regime actually acquires and deploys nuclear weapons to send their message—how reckless they would become.”

Trump called on the Iranian people: “Tonight is your moment of freedom. Stay in shelters, do not leave your homes; it is very dangerous outside, bombs are falling everywhere.” He said that after completing the operation, taking over the local government would be the government of the Iranian people.

▲【Iran Situation】Reports: US and Israel jointly strike Tehran (ongoing updates)

Iran Situation: Preparing for a Destructive Counterattack

Reuters quoted an Iranian official saying Tehran is preparing to respond with a “destructive counterattack” to US and Israeli strikes.

According to Iran’s Shargh newspaper, smoke is rising near the residence of Iran’s Supreme Leader Khamenei, and the Presidential Palace and National Security Council are also in the area. Reuters sources said that Khamenei was not in Tehran at the time of the airstrike and had been moved to a secure location.

Israeli Defense Minister Katz announced that Israel launched a preemptive strike against Iran to eliminate threats and declared a state of emergency. The New York Times reports that US and Israeli officials discussed national security issues anonymously.

Multiple cities report explosions; Iran closes its airspace

Following US and Israeli airstrikes, Iran is clearing its airspace.

Airspace clearing after strikes by the United States and Israel in Iran. pic.twitter.com/Oub4T6SrkF — Flightradar24 (@flightradar24) February 28, 2026

According to semi-official Iranian Fars News Agency, three intense explosions occurred in central Tehran. Casualties and targets are unclear. Across Israel, air raid sirens sounded nationwide, warning of possible Iranian retaliation.

▲ Iran has closed its airspace

Fars reports that explosions were also heard in other cities, including Qom, Kermanshah, Isfahan, and Karaj. Iran has closed its airspace.

Trump previously threatened: Limit nuclear program or face military strikes

President Trump warned that if Iran’s leaders do not accept his demands, including restricting their nuclear program, the US will launch military strikes. Tensions have remained high in the region. Since the 2003 invasion of Iraq, the US has assembled its largest military force in the Middle East to pressure Iran into compliance.