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Peter Wells in New York

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The Iran war: Trump's dilemma

It's an old truism of wars that they are easier to launch than to stop. Think of Russia's war in Ukraine and America's in Afghanistan. It's not even two weeks since America and Israel launched their assault on Iran, but now US President Donald Trump is facing that awkward scenario once more: how to end a war that has not followed the prosecutor's script. You said it would be over soon. Are you thinking this week it will be over? No but soon. I think soon. OK. Very soon. There seems little doubt the turmoil in global markets is weighing on his mind. The closure of the Strait of Hormuz, the narrow conduit for 20% of the world's oil and gas supplies, threatens a massive shock to the global economy and to Trump's standing back home. It's easy to see how he would dress up a decision to end the war. He would point to the killing of Ayatollah Khamenei, the Supreme Leader who ruled oppressively for over three decades. He would also flag the destruction of missile launchers that had long threatened the region. But battered as the regime is, it's not yet defeated. Even if Trump decides enough is enough, the Iranian regime has no obvious reason to agree. Rather, it could opt to keep the Strait of Hormuz closed, a nightmare for the global economy. The generals will be pushing, as generals always do, to intensify the offensive, and the course of wars can of course change overnight. But the stark question remains, what is the endgame?
The Iran war: Trump's dilemma © FT / Reuters / US CENTCOM

  • The International Energy Agency launched a record release of oil reserves, making 400mn barrels of crude available to the market. Oil settled 4.8 per cent higher at almost $92 a barrel. The US said later on Wednesday it would release 172mn barrels from its strategic reserve as part of the broader effort.

  • The EU is considering subsidising or cutting gas prices to “deliver relief now” following the sharp rise in European energy prices, said European Commission president Ursula von der Leyen.

  • Israel has continued to target Iran and Lebanon, including a strike on a building in central Beirut in the early hours.

  • At least three vessels were struck in the Gulf, taking the total number of ships hit since the war began to at least 14.

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Jamie Smyth in New York

US to draw down 172mn barrels of oil from SPR as part of global release

The US will release 172mn barrels of oil from its strategic petroleum reserve, as part of a push by members of the International Energy Agency to quell any further rises in oil prices.

US energy secretary Chris Wright said the release would take about 120 days to deliver based on planned discharge rates. It forms part of the IEAs 400mn-barrel release, which is the largest single drawdown of reserves in history.

“President Trump promised to protect America’s energy security by managing the Strategic Petroleum Reserve responsibly and this action demonstrates his commitment to that promise,” Wright said.

Trump campaigned on a platform of refilling the SPR — a vital tool to manage energy crises — but failed to do so. It currently contains just 415mn barrels, about 58 per cent of its capacity.

The president said during a trip to Ohio on Wednesday he would drawn down the SPR to lower petrol prices “and I’ll fill it up again”.

Jamie John in London

Merchant vessel targeted in Iraqi port

A merchant vessel is on fire off the coast of Iraq after being “reportedly targeted by a strike”, according to Ambrey, a maritime intelligence group.

Ambrey said video footage showed a “vessel engulfed in fire with a large plume of smoke rising from the area of impact”. “Fire was observed in the water” because of an apparent oil spill, it added.

Radio communications suggested the vessel was “conducting a ship-to-ship” transfer of cargo at the time of the strike in Iraq’s Al Basrah Anchorage, Ambrey said.

Malaika Kanaaneh Tapper in Beirut

Israel launches fresh wave of strikes in Beirut

Israel’s military carried out what it called “an expansive wave of strikes” on Beirut’s southern suburbs in an intensification of attacks on Lebanon’s capital.

Hizbollah on Wednesday night said it had begun a new operation and claimed rocket attacks against Israel. An Israeli military spokesperson threatened Israel would respond with greater force.

Ahmed Al Omran in Jeddah

UAE says air defences intercepted another wave of drone and missile attacks

The United Arab Emirates said its air defences successfully engaged another wave of attacks from Iran on Wednesday.

Six ballistic missiles, seven cruise missiles and 39 drones were intercepted.

Meanwhile, Saudi Arabia’s defence ministry said it intercepted three ballistic missiles launched towards Prince Sultan Air Base and six drones in the kingdom’s Eastern Province.

One of the drones was aimed at the Shaybah oilfield in the Empty Quarter desert, which has increasingly become a target over the past week.

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