Trump's shifting views on attacking Iran
Trump's shifting views on attacking Iran Compare & Contrast
We compare and contrast Donald Trump's 2013 warning that President Obama would attack Iran out of weakness, with his own strikes on Iran's nuclear sites as president.
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Qatar Tribune
25 minutes ago
- Qatar Tribune
Investors brace for more oil price spikes as United States bombs Iran sites
Agencies AU.S. attack on Iranian nuclear sites could push oil prices even more and trigger an automatic rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy. The reaction in Middle East stock markets, which trade on Sunday, suggested investors were assuming a benign scenario, even as Iran intensified its missile attacks on Israel in response to the sudden, deep U.S. involvement in the conflict. Trump called the attack 'a spectacular military success' in a televised address to the nation and said Iran's 'key nuclear enrichment facilities have been completely and totally obliterated.' He said the U.S. military could go after other targets in Iran if the country did not agree to peace. Iran said it reserves all options to defend itself, and warned of 'everlasting consequences.' Investors said they expected the U.S. involvement would cause a sell-off in stock markets and a possible bid for the dollar and other safe-haven assets when major markets reopen, but also said much uncertainty about the course of the conflict remained. 'I think the markets are going to be initially alarmed, and I think oil will open higher,' said Mark Spindel, chief investment officer at Potomac River Capital. 'We don't have any damage assessment and that will take some time. Even though he has described this as 'done', we're engaged. What comes next?' Spindel said. 'I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed. It's going to raise uncertainty and volatility, particularly in oil,' he added. One indicator of how markets will react in the coming week was the price of ether, the second-largest cryptocurrency and the new gauge of retail investor sentiment after bitcoin, which is now held largely by institutions. Ether was down 5% on Sunday, taking losses since the first Israeli strikes on Iran on June 13 to 13%. Most Gulf stock markets, however, seemed unconcerned by the early morning attacks, with the main indexes in Saudi Arabia and Kuwait up slightly and Israel's Tel Aviv main index at an all-time high. A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation. A rise in inflation could dampen consumer confidence and lessen the chance of near-term interest rate cuts. Saul Kavonic, a senior energy analyst at equity research firm MST Marquee in Sydney, said the more likely scenario would see Iran respond by targeting American interests in the Middle East, including Gulf oil infrastructure in places such as Iraq or harassing ship passages through the Strait of Hormuz. The Strait of Hormuz lies between Oman and Iran and is the primary export route for oil producers such as Saudi Arabia, the United Arab Emirates (UAE), Iraq and Kuwait. 'Much depends on how Iran responds in the coming hours and days, but this could set us on a path towards $100 oil if Iran respond as they have previously threatened to,' Kavonic said. While global benchmark Brent crude futures have risen as much as 18% since June 10, hitting a near five-month high of $79.04 on Thursday, the S&P 500 has been little changed, following an initial drop when Israel launched its attacks on Iran on June 13. In comments after Trump announced the strikes, Jamie Cox, managing partner at Harris Financial Group, agreed oil prices would likely spike on the initial news. But Cox said he expected prices to likely level off in a few days as the attacks could lead Iran to seek a peace deal with Israel and the U.S. 'With this demonstration of force and total annihilation of its nuclear capabilities, they've lost all of their leverage and will likely hit the escape button to a peace deal,' Cox said. Economists warn that a dramatic rise in oil prices could damage a global economy already strained by Trump's tariffs. Still, any pullback in equities might be fleeting, history suggests. During past prominent instances of Middle East tensions coming to a boil, including the 2003 Iraq invasion and the 2019 attacks on Saudi oil facilities, stocks initially languished but soon recovered to trade higher in the months ahead. On average, the S&P 500 slipped 0.3% in the three weeks following the start of the conflict, but was 2.3% higher on average two months following the conflict, according to data from Wedbush Securities and CapIQ Pro. An escalation in the conflict could have mixed implications for the U.S. dollar, which has tumbled this year amid worries over diminished U.S. exceptionalism. In the event of U.S. direct engagement in the Iran-Israel war, the dollar could initially benefit from a safety bid, analysts said. 'Do we see a flight to safety? That would signal yields going lower and the dollar getting stronger,' said Steve Sosnick, chief market strategist at IBKR in Greenwich, Connecticut. 'It's hard to imagine stocks not reacting negatively and the question is how much. It will depend on Iranian reaction and whether oil prices spike.'
Qatar Tribune
25 minutes ago
- Qatar Tribune
Sharp criticism from top Democrats following US strikes in Iran
WashingtoncTypeface:>Leading Democrats have sharply criticized US President Donald Trump's decision to strike targets in Iran and have also questioned the legality of the military action. 'No president should be allowed to unilaterally march this nation into something as consequential as war with erratic threats and no strategy,' declared the Democratic Senate Minority Leader, Chuck Schumer. The Republican Trump must answer to Congress and the US people. 'The danger of wider, longer, and more devastating war has now dramatically increased,' Schumer stated. Like Schumer, the House minority leader, Hakeem Jeffries, also demanded an immediate briefing of Congress by the administration. 'President Trump misled the country about his intentions, failed to seek congressional authorization for the use of military force and risks American entanglement in a potentially disastrous war in the Middle East,' Jeffries said. 'The risk of war has now dramatically increased,' Jeffries said. Schumer also advocated for introducing a bill in the Senate that would limit the president's right to order military operations abroad without congressional approval. However, the proposal has no realistic chance of success given the Republican majority in the chamber. The former speaker of the House, Nancy Pelosi, accused Trump of acting unlawfully. 'Tonight, the president ignored the constitution by unilaterally engaging our military without congressional authorization,' Pelosi posted on X. 'I join my colleagues in demanding answers from the administration on this operation which endangers American lives and risks further escalation and dangerous destabilization of the region,' she wrote. (DPA)
Qatar Tribune
25 minutes ago
- Qatar Tribune
US bombs Iran nuclear sites
Agencies Tehran/Washington Iran has said the United States will be 'solely and fully responsible for the dangerous consequences' of its attacks on Iranian nuclear sites, adding that US President Donald Trump has 'betrayed' American voters by submitting to Israel's wishes. During an address to a meeting of the Organisation of Islamic Cooperation (OIC) in Istanbul on Sunday, Iran's Foreign Minister Abbas Araghchi said the US crossed 'a very big red line' by attacking Iran's three nuclear facilities. Speaking just hours after Trump announced that US warplanes had 'obliterated' the nuclear sites, Araghchi condemned the strikes and called on the United Nations Security Council to act. 'It is an outrageous, grave and unprecedented violation of the fundamental principles of the Charter of the United Nations and international law,' he said, adding that the 'warmongering and lawless' US administration will be 'solely and fully responsible for the dangerous consequences and far-reaching implications of its act of aggression'. 'The US military attack on the territorial integrity and national sovereignty of a UN member state carried out in collusion with the genocidal Israeli regime has once again revealed the extent of the United States' hostility towards the peace-seeking people of Iran. We will never compromise on their independence and sovereignty,' he said. 'The Islamic Republic of Iran continues to defend Iran's territory, sovereignty, and people by all means necessary against not just US military aggression, but also the reckless and unlawful actions of the Israeli regime.' Israeli Prime Minister Benjamin Netanyahu, who escalated the Middle East conflict by launching strikes on Iran on June 13, praised Trump's 'bold decision' to hit Iran's nuclear sites, and said Israel and the US acted in 'full coordination'. After the strikes, Trump said Iran 'must now agree to end this war' and that under no circumstances could Iran possess a nuclear weapon. But Araghchi said any demand to return to negotiations on the country's nuclear programme was 'irrelevant'. The US and Iran were engaged in nuclear talks before Israel launched a surprise strike on Iran – publicly backed by the US – earlier this month. Iran denies its uranium enrichment programme is for anything other than civilian purposes, rejecting Israeli allegations that it is secretly developing nuclear weapons. Netanyahu has pledged to continue the attacks for 'as many days as it takes' to stop Iran from developing a 'nuclear threat'. 'The world must not forget that it was the United States which – in the midst of a process to forge a diplomatic outcome – betrayed diplomacy by supporting the genocidal Israeli regime's launch of an illegal war of aggression on the Iranian nation,' Araghchi said. 'So we were in diplomacy, but we were attacked. They gave a green light to Israelis, if not instructed them, to attack Iran's nuclear facilities. They have proved that they are not men of diplomacy, and they only understand the language of threat and force.' US Defense Secretary Pete Hegseth on Sunday said he still hopes Iran will return to the negotiating table. 'I can only confirm that there are both public and private messages being delivered to the Iranians in multiple channels, giving them every opportunity to come to the table,' he told reporters. Araghchi also accused Trump of betraying not only Iran, but his own supporters as well. He said Trump was elected on a platform of putting an end to 'America's costly involvement in 'forever wars''. 'He has betrayed not only Iran by abusing our commitment to diplomacy, but also deceived his own voters by submitting to the wishes of a wanted war criminal who has grown accustomed to exploiting the lives and wealth of American citizens to further the Israeli regime's objectives,' said Araghchi, referring to Netanyahu. Iran says more than 400 people have been killed and at least 3,056 others wounded since Israel launched its attacks on June 13. In Israel, at least 24 people have been killed in Iranian strikes. Araghchi said he would head to Moscow later on Sunday and hold 'serious consultations' with Russian President Vladimir Putin on Monday morning in the wake of the unprecedented US strikes. 'Russia is a friend of Iran and we enjoy a strategic partnership,' he said in Istanbul. 'We always consult with each other and coordinate our positions.' Meanwhile, Iran's delegation to the UN also formally called for an emergency meeting of the UN Security Council on Sunday to discuss the US strikes. In a letter submitted to the council carried by Fars News Agency, the Iranian delegation urged 'immediate action and the adoption of necessary measures under the framework of the United Nations Charter'. 'Silence in the face of such blatant aggression will plunge the world into an unprecedented level of danger and chaos,' Araghchi said in Istanbul. 'Humanity has come too far as a species to allow a lawless bully to take us back to the law of the jungle.' Iran and Israel have exchanged a barrage of missiles after the United States bombed key Iranian nuclear sites, dramatically escalating tensions in the Middle East. Iran on Sunday launched two volleys of 27 missiles, targeting Israel's main Ben Gurion airport near Tel Aviv, research facilities, and command centres, an Iranian state news agency reported. Air raid sirens were sounded across most of Israel, sending millions of people to safe rooms and bomb shelters as explosions and missile interceptions were seen above the commercial hub of Tel Aviv, Jerusalem, the port city of Haifa, and other parts of the country. At least 20 people were wounded, according to Israeli emergency workers. 'This is certainly the first time that we have seen two volleys coming in such close succession. Usually, there are hours between each volley of missiles. This time, it was less than half an hour,' said Al Jazeera's Nour Odeh, reporting from Amman, Jordan. The targeted areas spanned the occupied Golan Heights in Syria to the Upper Galilee to northern and central Israel, affecting 10 separate sites either directly by missiles or by large shrapnel, Odeh said. 'There is extensive damage in those sites, especially in the Tel Aviv area and Haifa,' Odeh said. Videos from Tel Aviv and Haifa towards the north showed rescue teams combing through debris, apartments reduced to rubble, mangled cars along a street filled with debris, and medics evacuating injured people from a row of blown-out houses.
