The broken economic argument for Trump’s war on Iran | About That
Andrew Chang explains the economic impact of the U.S.-Israel war against Iran and how it contradicts President Donald Trump’s claim that rising oil prices benefit the U.S. economy.
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March 19
Hegseth compares Iran to Hamas
Hegseth suggested the Iranian military has built tunnels “just like Hamas,” which Israel repeatedly used to explain its vast destruction of civilian infrastructure in Gaza.
“They’ve poured any economic development into tunnels and rockets, missiles and drones, and buried facilities. But we are hunting them down, methodically, ruthlessly and overwhelmingly like no other military in the world can do,” Hegseth said.
He said the U.S. had destroyed 120 Iranian military ships, as well as the country’s submarine fleet of 11 and “crippled” Iranian navy ports.
Hegseth says U.S. mission going according to plan, strikes will ramp up again today
U.S. War Secretary Pete Hegseth takes questions during a news conference at the Pentagon in Washington today. (Mandel Ngan/AFP/Getty Images) U.S. Secretary of War Pete Hegseth is speaking with reporters.
While addressing reporters, Hegseth pushed back against concerns the conflict could turn into a prolonged war, saying Operation “Epic Fury is different; it’s laser-focused.”
Nineteen days into the conflict, he said the U.S.’s objectives remain “unchanged, on target and on plan; destroy missiles, launchers and Iran’s defence industrial base so they cannot rebuild; destroy their navy and Iran never gets a nuclear weapon.”
Hegseth said the U.S. has struck more than 7,000 targets across Iran’s military infrastructure so far, with the largest strike package of the war expected today, “just like yesterday was.”
He called Iranian leadership’s roles “temp jobs,” saying that U.S. capabilities are increasing while Iran’s are degrading.
Oil surges above $110 US a barrel
Bank of Canada governor on what oil price increases mean for Canada
Tiff Macklem, governor of the Bank of Canada, weighed in on what rising oil prices due to the conflict in the Middle East could mean for Canada’s economy.
Qatar, Saudi Arabia and the United Arab Emirates all denounced the Iranian attacks, with Saudi Arabia’s top diplomat saying assaults on the kingdom meant “what little trust there was before has completely been shattered.”
The attacks are also complicating efforts to reroute oil shipments away from the Strait of Hormuz, after a drone strike hit a key Saudi refinery on the Red Sea — a route seen as a safer alternative.
Oil markets continue to surge amid fears of prolonged disruption. Brent crude is now trading above $110 US a barrel, up more than 50 per cent since the war began on Feb. 28. Repeated strikes on energy infrastructure and shipping routes raise the likelihood of a sustained global supply shock.
-With files from The Associated Press
Trump warns of massive U.S. response if Iran’s attacks on oil infrastructure continue
U.S. President Donald Trump arrives at Joint Base Andrews, Md., yesterday. (Julia Demaree Nikhinson/The Associated Press) U.S. President Donald Trump said Israel would not strike Iran’s South Pars gas field again, but warned that continued Iranian attacks on Qatar’s energy infrastructure could trigger a massive U.S. response.
“I do not want to authorize this level of violence and destruction because of the long-term implications that it will have on the future of Iran,” Trump said on Truth Social.
Meanwhile, the human toll continues to climb across the region.
More than 1,300 people have been killed in Iran, while Israeli strikes have displaced over a million people in Lebanon.
In Israel, at least 15 people have been killed by Iranian missile fire, and U.S. officials say 13 American service members have died since the conflict began.
Iran widens attacks on Gulf energy facilities
Iran vows retaliation after strikes hit gas fields, kill top official
Iran has vowed to retaliate after the killing of another top official, while Israeli strikes on the massive South Pars gas field have raised further global energy concerns.
Iran has struck a Saudi refinery on the Red Sea and set facilities in Qatar and Kuwait ablaze in retaliation for Israel’s strike on the large South Pars gas field Wednesday.
The latest wave of attacks is raising fresh concerns about global supply, particularly after Qatar said a key liquefied natural gas site suffered “extensive further damage,” potentially delaying exports even after the war ends.
A vessel was set on fire off the coast of the United Arab Emirates and another was damaged near Qatar, according to maritime authorities. More than 20 ships have been attacked since the war began, as Iran maintains a tight grip on the Strait of Hormuz, through which roughly a fifth of the world’s oil travels.
Good morning. Iran’s strikes on energy infrastructure across Saudi Arabia, Qatar and Kuwait mark a significant escalation in a conflict that is now disrupting the global oil supply.
The attacks come a day after Israel targeted an Iranian natural gas field, and as the Strait of Hormuz — one of the world’s most critical chokepoints — becomes nearly impassable.
Brent crude has already jumped more than 50 per cent since the U.S. and Israel started the war on Iran on Feb. 28, underscoring mounting fears of a prolonged supply shock.
U.S. Defence Secretary Peter Hegseth and Joint Chiefs of Staff chairman Gen. Dan Caine are due to speak later this morning.
