CNN: Qatar, Kuwait and Jordan have come under Iranian fire, with Iran also claiming it targeted US military assets in Bahrain and Oman, in what appear to be its largest strikes in the region since talks with the US collapsed.A Syrian source and the US military deny Iran’s claims of an attack on a US base in Syria.
Bridges struck: Several bridges in southern Iran were hit in the latest round of US strikes, according to Iran’s semi-official Fars news agency. Many of the bridges are on routes connected to Bandar Abbas, a coastal city on the Strait of Hormuz…
Its rulers believe that further escalation will force the US to offer the security and economic relief it craves…
Trump Faces the Limits of U.S. Firepower and the Lessons of Past Wars
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How 4 Veteran Negotiators Would Approach Diplomacy With Iran
Elliott Abrams, who worked on Middle East diplomacy under three Republican presidents, including Mr. Trump, said the only negotiation that the United States should currently consider is “a bare-bones Hormuz deal” to lift the American naval blockade if Iran agreed to allow free shipping through the waterway.
“We just tried negotiating, and the Iranians emerged from that feeling triumphant, and believing that they would now be able to take over the Strait of Hormuz and monetize it,” Mr. Abrams said. “So I don’t think a quick return to the negotiating table is helpful.”…
How long can oil markets absorb the Hormuz shock?
Why the subdued reaction? In a nutshell, because the integrated modern oil market is much better at absorbing shocks than commonly appreciated; and because oil has become a much lighter burden on the global economy than it used to be.
The latest crisis hit at an opportune moment. Global oil production exceeded consumption. Inventories, including China’s strategic reserve and unregistered oil stored on tankers, were massive. A rapid shift in global trade flows, including the use of pipelines bypassing Hormuz, helped mitigate the price impact of the initial shock…