Main developments
Donald Trump said the US had “obliterated every MILITARY target” on Iran’s crucial Gulf oil export hub Kharg Island, and warned that he would attack the energy assets if Tehran impeded more shipments through the Strait of Hormuz.
The president said the US had “unlimited ammunition” and could keep fighting Iran “forever”, despite concerns the military has burned through “years” of critical munitions since the start of the conflict.
Brent crude ended the week above $100 a barrel for the first time since August 2022. The rise weighed on Wall Street stocks, with the S&P 500 closing lower for the third consecutive week.
US defence secretary Pete Hegseth said Iran’s new supreme leader was “wounded” and “likely disfigured” and added the US would escalate strikes.
The US said it would allow countries to buy Russian oil stranded at sea. Germany’s Chancellor Friedrich Merz called the decision “wrong”. The UK has since ruled out easing sanctions on Russia.
Formula 1 bosses were poised to cancel lucrative motor racing events in Bahrain and Saudi Arabia.
France and Italy opened talks with Iran with the aim of securing safe passage for their ships through the Strait of Hormuz. Tehran allowed a Turkish-owned bulk carrier to exit the strait.
A building in Dubai’s financial district was damaged by debris from a drone interception.
A new wave of Israeli air strikes hit central Tehran on Friday afternoon as large crowds of people gathered for pro-regime rallies.
US has ‘obliterated’ military assets on Iran’s Kharg Island oil hub, Trump says
Donald Trump said the US had “obliterated every MILITARY target” on Kharg Island, Iran’s crucial Gulf oil export hub.
In a Truth Social post on Friday, the US president warned he would attack the energy assets if Tehran impeded more shipments through the Strait of Hormuz.
Trump said he had directed US Central Command, which oversees American military operations in the Middle East, to target the military assets on Kharg Island, which he described as “Iran’s crown jewel”.
Trump said he had “chosen NOT to wipe out the Oil Infrastructure” on Kharg, which had been left untouched in the US and Israeli bombing campaign that began a fortnight ago.
However, he said he would reconsider his decision if Iran, “or anyone else”, does anything else to interfere with the free and safe passage of vessels through the Strait of Hormuz, the narrow waterway that is a chokepoint for global commodities.
Nine out of every 10 barrels of oil Iran sells abroad are loaded at Kharg.
Trump’s announcement came after the oil market had closed for the week.
Trump said US Navy will ‘soon’ escort oil tankers through Strait of Hormuz
Donald Trump said the US Navy would “soon” escort oil tankers through the Strait of Hormuz.
“It’ll happen soon,” the US president said on Friday, without providing additional details.
Asked how long he thought the US war with Iran would last, Trump said it would take “as long as it’s necessary”.
“I can’t tell you that,” he said. “I have my own idea, but what good does it do? It’ll be as long as it’s necessary.”
Trump declined to give a timeline but said “we are way ahead of schedule”, adding the US and Israel “might” have different objectives on ending the war with Iran.