As the military conflict between the US-Israel alliance and Iran enters its 11th day, Iranian Foreign Minister Seyed Abbas Araghchi issued a defiant warning to Washington. Mocking the Pentagon’s code name for the offensive—Operation Epic Fury—Araghchi dubbed it an “Epic Mistake” and claimed that Tehran is fully prepared for an even greater escalation.
9 days into Operation Epic Mistake, oil prices have doubled while all commodities are skyrocketing. We know the U.S. is plotting against our oil and nuclear sites in hopes of containing huge inflationary shock. Iran is fully prepared.
And we, too, have many surprises in store. pic.twitter.com/UNQu0fVZE2
— Seyed Abbas Araghchi (@araghchi) March 9, 2026
Oil as a Weapon: Markets Braced for $150 Crude
Araghchi highlighted the severe economic toll of the conflict, noting that oil prices nearly doubled in the first nine days of the war. While prices reached a peak of $119.45/barrel, they saw a dramatic “crash” early Wednesday morning, March 11, following reports that the International Energy Agency (IEA) is considering releasing a record 182 million barrels from strategic reserves to stabilize the market.
Current Market Snapshot (March 11, 2026):
- Brent Crude: $89.80 (Down 9.2% today).
- WTI Crude: $86.55 (Down 8.6% today).
- High-Mark: $119.45 (Reached earlier this week).
Trump’s Red Line: The Battle for the Strait of Hormuz
President Donald Trump issued a stern warning via Truth Social, stating that any attempt by Iran to mine the Strait of Hormuz would be met with military consequences “at a level never seen before.”
- US Action: Within hours of the warning, the US military reported the destruction of 10 Iranian mine-laying boats.
- Iranian Stance: The IRGC has vowed that not “one litre of oil” will leave the region if US-Israeli strikes on Iranian soil continue.
The New Leadership: Mojtaba Khamenei’s First Week
The naming of Mojtaba Khamenei as the new Supreme Leader has signaled to the West that Iran’s hardline stance remains unchanged. While Trump previously called the succession “unacceptable,” the new leadership has already rejected all calls for a ceasefire, with Araghchi stating that “negotiation is not on the table” after the assassination of his father.
“Nine days into Operation Epic Mistake, all commodities are skyrocketing. We know the US is plotting against our oil and nuclear sites… we, too, have many surprises in store.” — Abbas Araghchi, Iranian Foreign Minister.
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“The Most Intense Day” of Strikes
US Defense Secretary Pete Hegseth has announced that Wednesday will see the “heaviest volume” of airstrikes inside Iran to date, targeting command-and-control centers in Tehran and Isfahan. Meanwhile, global eyes are on the IEA meeting later today, where the formal decision on the emergency oil release will be finalized.
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