The Iran crisis shows no signs of resolution. U.S. President Donald Trump announced a week-long offensive against Iran, while Iran's new Supreme Leader Ayatollah Seyyed Mojtaba Khamenei has mounted fierce resistance. Brent crude exceeded $100 per barrel for the second consecutive day as the war drags on.
Trump said in a Fox News Radio interview aired on the 13th (local time) that he would "hit Iran very hard over the next week." Asked about when the war might end, he said "not far off" but added "when I feel it, when I feel it in my bones."
Regarding Mojtaba Khamenei, Trump said "he's been hurt" but added "he's probably alive in some form."
According to the Wall Street Journal, the U.S. is dispatching the amphibious assault ship USS Tripoli and its Marine Expeditionary Unit from Japan to the Middle East. The move is interpreted as an effort to intensify military operations against Iran. The New York Times reported that up to three warships carrying approximately 2,500 Marines are moving from the Indo-Pacific region to the Middle East.
Markets interpreted Trump's remarks as signaling the war would not end soon. The assessment is that the U.S. aims to neutralize Iran's resistance capability through sustained offensive strikes given Tehran's strong defiance.
Mojtaba Khamenei reaffirmed on the 12th, following his inauguration, that Iran would maintain its blockade of the Strait of Hormuz and continue resistance. The Trump administration also placed bounties of up to $10 million on Mojtaba Khamenei and others who assumed top leadership positions.
The U.S. announced it attacked Kharg Island, home to Iran's main oil export terminal. The strike is seen as part of efforts to reopen navigation through the Iranian-blockaded Strait of Hormuz.
However, Trump said he decided not to destroy Kharg Island's oil infrastructure, suggesting the attack primarily targeted military objectives on the island. The U.S. does not appear ready to immediately begin escorting commercial vessels through the Strait of Hormuz. In the Fox News Radio interview, Trump said only that he hopes "things work out very well and we'll have to see what happens."
Trump also shifted his position on an Iranian popular uprising, suggesting it may not happen immediately. "I think it's a big obstacle for people who don't have weapons," he said, adding that an uprising "will happen, but probably not right away." Trump had previously expressed expectations that an internal uprising would occur alongside the outbreak of war.
Oil prices continue to surge as the war appears to be settling into a stalemate. May Brent crude futures closed at $103.14 per barrel, up 2.7% from the previous trading day, marking the highest closing price since late July 2022—nearly three years and seven months ago. Prices have risen 11% this week alone, with gains reaching 42% since the Iran crisis began. April West Texas Intermediate (WTI) crude futures closed at $98.71 per barrel, up 3.1% from the previous session.