Free Trial

Iran-'Harsh Retaliation To Any Confrontation' As Tensions Spike In Gulf

MIDEAST

According to the Iran's Fars News, the Islamic Revolutionary Guards Corps (IRGC) has issued comments stating that in the event of any 'confrontation' between Iranian forces and others there will be a 'harsh retaliation'.

  • Comes as tensions in the Gulf spike following the attempted hijacking of a UAE-owned bitumen tanker, believed to be the Asphalt Princess, yesterday off the coast of Fujairah, UAE yesterday. There have been accusations that the Iranian gov't was behind the attempted hijacking, given that the crew were supposedly given orders to divert the course of the ship to Iranian waters. A vessel owned by the same firm as the Asphalt Princess was seized by Iran in 2019 due to allegations of smuggling.
  • The incident comes just days after a drone attack on the Israeli-operated MV Mercer Street oil tanker that killed one British and one Romanian national. Iran has been blamed for the attack (something Tehran denies). This set in motion a ratcheting up of rhetoric from the gov'ts of Israel, the UK, and the US. A US Navy official has reported that a US vessel will be sent to the area of yesterday's incident to monitor the situation.
  • The relations between Iran and the west are at an inflexion point, with hardline conservative Ebrahim Raisi confirmed as the new Iranian president in a ceremony yesterday. Taking over from moderate incumbent Hassan Rouhani, there remains the possibility that under Raisi the IRGC could engage in even more overt military action in the region, risking further escalation.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.