TEHRAN: Iran said Wednesday it was ready for a long war of attrition that would "destroy" the world economy, after firing on two commercial ships and threatening any vessels from the US or its allies. As Tehran tightened its chokehold on the Strait of Hormuz, a vital sea passage for the global oil trade, US President Donald Trump said the war would end "soon" as there was little left for US forces to target in Iran. Oil prices have surged since February 28, when the United States and Israel attacked Iran, killed its supreme leader and plunged the Middle East into war. But all eyes were on the Strait of Hormuz, through which 20 percent of global crude and LNG passes. The US and Israel "must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy", Ali Fadavi, advisor to the Revolutionary Guards' commander-in-chief, told state television.

Source: Indian Express March 12, 2026 00:18 UTC