Iran has threatened to target “all economic centres” in the Middle East if attacks by the United States and Israel persist, according to Islamic Revolutionary Guard Corps (IRGC) General Ebrahim Jabbari.
“We are saying to the enemy that if it decides to hit our main centres, we will hit all economic centres in the region,” Jabbari said. He added that the Strait of Hormuz has been closed, pushing oil prices above $80 per barrel, with expectations they could reach $200, reports Al Jazeera.

The narrow strait is a critical chokepoint, handling roughly one-fifth of global oil trade and significant liquefied natural gas exports from Qatar and the United Arab Emirates.

Meanwhile, Farah Pahlavi, widow of Iran’s last shah, said the death of Supreme Leader Ayatollah Ali Khamenei is “historically significant” but will not automatically topple the Iranian system. She emphasized that the country’s future depends on “the ability of the Iranian people to unite around a peaceful, orderly and sovereign transition to a state governed by the rule of law,” noting that her son Reza Pahlavi is preparing for such a transition.

Analysts say the US-Israeli strikes have weakened Iran’s regional network of proxy armed groups, long used against Israel. Groups including Lebanon’s Hezbollah, Yemeni Houthis, and Iraqi militias are reportedly “trying to understand how to survive” in the wake of recent conflicts. Renad Mansour, a senior research fellow at Chatham House, noted that many of these groups now lack the capacity to inflict significant damage and are increasingly integrated into state structures, particularly in Iraq.

In Yemen, the Houthis have remained on the sidelines, taking a cautious approach amid the regional escalation. Ahmed Nagi, senior analyst at the International Crisis Group, said the axis of Iranian-aligned proxies faces an existential threat but is not necessarily on the verge of collapse.

The escalating conflict continues to threaten global energy markets and regional stability, with potential repercussions far beyond the immediate battlegrounds.