Iranian fired drones towards Saudi Arabia and Kuwait early Tuesday as U.S. President Donald Trump sent contradictory signals about how long the war could last, fueling uncertainty that’s causing markets to swing.
The Saudi Defense Ministry said it has destroyed drones over the kingdom’s oil-rich eastern region, while in Kuwait, the National Guard said it shot some down in the county’s northern and southern areas.
Iran’s latest attacks on neighboring Gulf States come as Trump late Monday told Republican lawmakers that the war was likely to be a “short excursion,” but hours later threatened in a post on social media that the U.S. would dramatically increase attacks if Iran tried to close the Strait of Hormuz.
In an apparent response to Trump’s remarks published in Iranian state media, a spokesperson for the paramilitary Revolutionary Guard, Ali Mohammad Naini, said “Iran will determine when the war ends.”
Here is the latest:
Egypt hikes fuel prices as oil prices soar
Egypt hiked fuel prices by up to 17% on Tuesday as the war in the Middle East sent prices of oil soaring.
According to the Petroleum Ministry the cost of a liter of diesel, which is heavily relied on for public transport, increased by more than 17%. The price of the 92-octane gasoline rose by 15% and 95-octane gasoline increased by 14%.
The war has hit Egypt hard. The most populous Arab country, Egypt depends heavily on imported fuel. The Egyptian pound fell to a record low, trading at over 52 to the US dollar on Monday.
To mitigate impact of the war, the government announced a series of measures ,including reducing official overseas trips and tightening fuel consumption across sectors.
Iran’s Revolutionary Guard say they will determine the end of the war
The paramilitary Revolutionary Guard said on Tuesday that the end of the war will be determined by Iran.
Spokesperson Ali Mohammad Naini said in a statement published in various Iranian state media and apparently in response to Trump’s remarks Monday that “Iran will determine when the war ends.”
Trump vows to hit Iran back harder if it stops oil tankers
The U.S. president pledged aggressive action against Iran if it continues to block the shipment of oil in the Strait of Hormuz.
“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,” Trump posted on social media. “Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!”
The president said his threat was a “gift” to China, among other nations, because it relies on oil from the Middle East.
