Iran fired a barrage of missiles and drones targeting a number of US allies across the Gulf on Friday, with particularly powerful blasts heard in Kuwait. Bahrain and Saudi Arabia were also attacked and missile alerts buzzed across Dubai for a second day.
Israel and the US continued their bombing campaign on Iran in a war that has killed more than 1,300 people there. More than 100 people in Lebanon have been killed in Israeli attacks against Iran-backed Hezbollah.
Iran’s President Masoud Pezeshkian said Friday that some countries have initiated efforts for mediation in the hope of ending the bloodshed. While the Islamic Republic is “committed to lasting peace,” he said, it will continue to defend itself. US President Donald Trump later called for Iran’s “unconditional surrender.”
Smoke rises after an Israeli airstrike in Beirut’s southern suburbs on Friday. Lebanese authorities reported more than 100 people have been killed in Israeli attacks. Photographer: Ibrahim Amro/Getty Images
In the US, the price being paid for the war is largely economic. In less than a week, the cost of oil has jumped $20 a barrel and now sits at around $94, turbocharging affordability issues plaguing many Americans.
And with the Strait of Hormuz now part of the battlefield, every day the war goes on means higher prices across the globe. Indeed, commodities traders warn $100 a barrel prices are just around the corner. As for Trump, when he was asked by Reuters about spiking gasoline prices, he responded by saying “if they rise, they rise,” and that the war is his priority. —David E. Rovella
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Saudi Arabia, which according to the Washington Post joined Israel in urging Trump to attack, is now reaching out to Tehran to find an off-ramp. At the same time, influential voices in the United Arab Emirates are beginning to criticizeTrump as Iran’s retaliation continues, roiling the region’s financial markets and economies. The UAE has been among Trump’s staunchest allies, pledging about $1.4 trillion in investments and cultivating commercial ties with his family (which have raised allegations of unprecedented corruption).
That relationship, however, appears to have given Abu Dhabi little influence over the conflict. “Who gave you the authority to drag our region into a war with Iran? And on what basis did you make this dangerous decision?” Khalaf Al Habtoor, a Dubai billionaire and hotel tycoon, said in a post on social media.
Firemen and rescue workers inspect the site of an explosion at the Fairmont The Palm Hotel in Dubai on Feb. 28. Photographer: Altaf Qadri/AP
The Washington Post revealed Friday that the Kremlin is providing Iran with information on US military assets in the Gulf. Separately, new satellite images revealed Iran has managed to destroy a critical $300 million US radar system in what may be its most successful strike of the war.
“These are scarce strategic resources,” said Tom Karako, a missile defense expert with the Center for Strategic and International Studies. “Its loss is a huge blow.”
Also today, Treasury Secretary Scott Bessent said the US may soon “unsanction” some Russian oil to free up supply. Iran WarIran Destroys $300 Million US Radar Critical to Ballistic Missile DefenseThe US has only eight THAAD systems globally, which cost about $1 billion each. The radar makes up about a third of that cost.