Oil prices briefly shot to their highest level since 2022 a day after Iran selected Ayatollah Mojtaba Khamenei to succeed his late father as Iran’s supreme leader. Investors saw it as a signal that Iran was digging in 10 days into the war launched by the United States and Israel.
But prices later fell and U.S. stocks rose on hopes that the war with Iran may not last much longer.
“We took a little excursion” to the Middle East “to get rid of some evil. And, I think you’ll see it’s going to be a short-term excursion,” Trump told Republican lawmakers at his golf club near Miami.
Hours later, Trump posted on social media: “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far."
Multiple strikes shake Tehran
Dozens of explosions were heard in Tehran in what was considered the heaviest air raid on the capital since the war started Feb. 28. Iranian media did not report on damages and casualties.
Israel said Monday that it was carrying out “a wide-scale wave of strikes” on the Iranian city of Isfahan, as well as Tehran and in southern Iran. The Israeli military said it hit dozens of infrastructure sites, including the drone headquarters of the Revolutionary Guard.
Meanwhile, Israel’s military alerted the population throughout the day about incoming missiles from Iran. From Lebanon, Iran-backed Hezbollah also fired rockets into Israel on Monday.
Trump said the United States was nearing its goal to eliminate Iran’s ballistic missile stockpile and its ability to produce and launch them.
He also talked about "building a new country,” a comment that seemed to suggest the U.S. might be engaged in the building of a new Iran.
