Iran has firmly rejected any prospect of a ceasefire, vowing to punish the "aggressor" as the United States escalates its military campaign in the Middle East following the death of Iran's supreme leader.
The conflict, triggered by US-Israeli strikes on February 28, has now closed the strategic Strait of Hormuz and sent global energy markets into a tailspin.
In a defiant message, Iranian parliament speaker Mohammad Bagher Ghalibaf, a former top Revolutionary Guards commander, stated on X: "Certainly we aren't seeking a ceasefire. We believe the aggressor must be punished and taught a lesson that will deter them from attacking Iran again."
His comments came as fresh explosions rocked Tehran on Tuesday evening, though the intended targets remain unclear.
The Pentagon had earlier braced for its "most intense day of strikes" inside Iran, according to US Defense Secretary Pete Hegseth.
The crisis deepened over the weekend when Iranian attacks on shipping effectively closed the Strait of Hormuz, a chokepoint through which a quarter of the world's seaborne oil and a fifth of all LNG normally pass.
US President Donald Trump responded with a stark warning on his Truth Social platform, stating:
"If for any reason mines were placed, and they are not removed forthwith, the military consequences to Iran will be at a level never seen before."
The warning followed CNN reports, citing anonymous sources, that Iran had begun laying explosives in the waterway.
While the White House briefly claimed a US Navy tanker escort through the strait—a statement swiftly retracted—the volatility of the situation was further highlighted by attacks on energy infrastructure across the region.
The UAE's largest oil refinery at Ruwais was forced to close temporarily after a drone attack sparked a fire.
Meanwhile, Qatar reported ongoing attacks on civilian infrastructure, with explosions heard in Doha, raising fears for global LNG supplies.
Saudi oil giant Aramco's president and CEO Amin H. Nasser warned of "catastrophic consequences for the world's oil markets," stressing that "it's absolutely critical that shipping resumes in the Strait of Hormuz."
On the ground, Iran's Revolutionary Guards launched fresh missile salvos against Israeli cities and US targets in the region, with explosions later reported in Bahrain's capital, Manama.
The Pentagon confirmed that about 140 US military personnel have been wounded since the war began, with seven deaths previously announced.
For civilians, the human toll is mounting. In Egypt, where fuel costs have jumped by up to 30 percent, mother-of-six Om Mohamed fretted at a Cairo market: "We were barely getting by as it is. I don't know how people will manage."
The UN trade and development agency warned the crisis could increase the cost of essentials for the world's most vulnerable populations.
Market analysts described the situation as unprecedented. "Rare are days in the markets when you get this much volatility," said Ipek Ozkardeskaya, an analyst for Swissquote Bank.
"The conflict in the Middle East continues at full speed, political developments are not pointing to a near-term resolution, and there is little clarity about the US plans."
#Iran #StraitOfHormuz #Trump #MiddleEastConflict #OilPrices #BreakingNews #USElections #Geopolitics