Israel strikes continue amid reports Iran keen to de-escalate
Israel and Iran exchanged fire for the fourth consecutive day on Monday, stoking fears of an all-out war with the potential to drag in others in the oil-rich region and force the U.S. into a more hands-on stance.
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Iran fired several waves of drones and missiles over the last 24 hours, while Israel continued hitting the Islamic Republic's capital, Tehran, and killing one more senior military official.
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Since Friday, 224 people have been killed in Iran, according to the government, which said most of the casualties were civilians. Iranian attacks killed 24 people in Israel, according to the Israeli government press office, and injured 592.
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Tehran is signaling it wants to deescalate hostilities with Israel and is willing to resume nuclear talks with the U.S. as long as Washington doesn't join the Israeli attacks, the Wall Street Journal reported Monday citing Middle Eastern and European officials it didn't identify. A similar report by Reuters says Iran conveyed the message through Qatar, Saudi Arabia and Oman.
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Oil fell on the WSJ report, with Brent futures dropping around 4% — they rose over 10% Friday. US Treasuries pared earlier drops and European bonds gained as traders reacted to diminishing concerns about inflation.
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It's not clear whether Israel would agree to stop missile strikes. Israeli officials have said they want to ensure Iran doesn't have the capacity to build a nuclear weapon.
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The exchange of missile salvos between Israel and Iran is the most serious escalation after years of shadow war. Analysts fear it might push the Middle East into a regional conflict, causing wider human loss and potentially disrupting energy flows and vital trade routes.
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One missile landed near the U.S. consulate in central Tel Aviv, causing minor material damages but no injuries to personnel, the ambassador to Israel, Mike Huckabee, said Monday. Many cars were crushed and buildings damaged in the area of the city where the strike happened.
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For Iran's government, the showdown poses an existential dilemma. It can't risk appearing weak, yet its options are shrinking. Proxy forces across the region, which regularly rallied to its support in the past, have been debilitated by Israeli action over the past 20 months. Hezbollah, the Lebanese militia the US and others designate as a terrorist group, is noticeably absent from the conflict and hasn't signaled it will start attacks on Israel.
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Global News
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Toronto Star
an hour ago
- Toronto Star
Trump says the US knows where Iran's Khamenei is hiding and urges Iran's unconditional surrender
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Global News
an hour ago
- Global News
G7 leaders ‘vigilant' for energy impacts from Iran-Israel conflict
The leaders of the G7 are urging a resolution between Israel and Iran amid escalating rounds of strikes, saying they will 'remain vigilant' and respond if the conflict impacts international energy markets. 'We will remain vigilant to the implications for international energy markets and stand ready to coordinate, including with like-minded partners, to safeguard market stability,' a joint statement from the G7 leaders reads. In the statement, the leaders said they affirm that Israel has a right to defend itself and reiterated their support for the country, while stressing the importance of protecting civilians. They added they're hopeful a resolution could lead to a 'broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.' 'Iran is the principal source of regional instability and terror,' the joint statement reads. 'We have been consistently clear that Iran can never have a nuclear weapon.' Story continues below advertisement The joint statement from G7 leaders came Monday evening following meetings in Kananaskis, Alta. Oil prices were driven higher on Tuesday as the conflict continued, though major oil and gas infrastructure and flows had been spared from substantial impact. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Though there has been no noticeable interruption of oil flows, Iran partially suspended gas production at the South Pars field that it shares with Qatar following an Israeli strike started a fire on Saturday. Saxo Bank analyst Ole Hansen told Reuters the market was largely worried about disruption through the Strait of Hormuz, though the risk was low. 1:51 Middle East air travel disrupted as Israel-Iran conflict escalates There is no appetite for closing the waterway, given that Iran would lose revenue and the U.S. wants lower oil prices and lower inflation, Hansen added. Story continues below advertisement Despite the potential for disruption, there are signs oil supplies remain ample amid expectations of lower demand. In its monthly oil report on Tuesday, the International Energy Agency revised its world oil demand estimate downwards by 20,000 barrels per day (bpd) from last month's forecast and increased the supply estimate by 200,000 bpd to 1.8 million bpd. U.S. President Donald Trump spoke about the conflict before a meeting with Prime Minister Mark Carney, reiterating his comments that Iran should have made a nuclear deal with the U.S. early and said Tehran should 'talk immediately before it's too late.' He then left the G7 late Monday, with the White House telling reporters he was leaving due to the escalating conflict in the Middle East but not elaborating further. However, French President Emmanuel Macron told reporters Monday evening that discussions were underway on a ceasefire between Israel and Iran, though Trump denied that he was working on such a move. He said Macron 'mistakenly said that I left the G7 Summit, in Canada, to go back to D.C. to work on a 'cease fire' between Israel and Iran. Wrong.' Trump went on to say he was heading to Washington for something 'much bigger' that has nothing to do with a ceasefire. Story continues below advertisement The president also, early Tuesday morning, said on Truth Social that he had not reached out to Iran for ''Peace Talks' in any way, shape, or form.' — with files from Reuters and The Associated Press
