Iran has declared its preparedness for a long-term war of attrition that could devastate the world economy, following attacks on commercial vessels in the Strait of Hormuz and threats against US-allied shipping.
In statements broadcast on state television, Ali Fadavi, advisor to the Revolutionary Guards' commander-in-chief, warned that the United States and Israel "must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy."
The comments come on the 12th day of the conflict, which erupted on February 28 when joint US and Israeli strikes killed Iran's Supreme Leader Ayatollah Ali Khamenei and targeted military infrastructure across the country.
Iran's Revolutionary Guard has since vowed to strike economic centers and banks linked to US and Israeli interests, accelerating evacuations by international firms from Dubai.
Iran claimed responsibility for strikes on two commercial shipsthe Liberian-flagged container ship Express Rome and the Thai bulk carrier Mayuree Naree alleging they ignored warnings from IRGC naval forces while transiting the Strait of Hormuz, a critical chokepoint for 20% of global crude oil and LNG, as well as a significant portion of world fertilizer supplies.
Oman's navy rescued 20 crew members from one vessel, with searches continuing for three others. Images released by Thai authorities showed heavy black smoke billowing from the damaged ship.
Additional Iranian actions included drone strikes near Dubai airport, injuring four people, and attacks on fuel tanks at Oman's Salalah port, prompting suspension of operations there.
The International Energy Agency responded to surging oil prices by authorizing the release of 400 million barrels from member reserves the largest such drawdown ever to mitigate economic fallout.
French President Emmanuel Macron called on G7 leaders to urgently restore safe navigation in the Strait, while the UN appealed for unimpeded passage of humanitarian cargo.US President Donald Trump asserted the conflict would end "soon," stating there was "little left for US forces to target in Iran" and that he could conclude it "any time I want."
Israeli Defence Minister Israel Katz indicated operations would persist "without any time limit, as long as necessary," with Israel launching fresh wide-scale strikes on Iran and Hezbollah positions in Beirut, including a residential building in the Lebanese capital that produced a visible fireball and caused structural damage.
Iran's health ministry reported over 1,200 deaths and more than 10,000 civilian injuries from US-Israeli strikes as of March 8.
Succession uncertainties persist, with Khamenei's son Mojtaba named successor but reportedly injured and absent from public view.Amid domestic crackdowns on dissent, Iranian police chief Ahmad-Reza Radan emphasized forces' readiness to defend the revolution.
Residents in Tehran described adapting to the situation, with shops stocked and a sense of calm prevailing despite the strikes.
The escalating tensions have heightened global economic concerns, with analysts warning that prolonged disruption in the Strait of Hormuz could severely impact energy supplies, food production, and stability in Asia, Europe, and beyond.
