Israel Strikes Tehran Again, Oil Tops $114 as War Escalates
Get the Geopolitics newsletter
Daily geopolitics — wars, elections, sanctions, the diplomatic moves that move markets. Free.
- Trump said on March 9, 2026 that the war against Iran may be short-lived, even as Iran moved to install a new hard-line supreme leader to oversee the Islamic Republic's fight for survival
- Israeli military launched a second wave of "broad strikes" on Tehran on March 9, 2026, hitting the Iranian capital twice in a single day
- Iran's Revolutionary Guards commander Majid Mousavi vowed to increase the force, frequency, and range of missile launches, declaring that from now on "no missiles will be launched with warheads lighter than one ton"
- Trump held a one-hour "constructive, business-like" call with Putin, who shared several proposals to end the war in West Asia "quickly"; the leaders also discussed Ukraine and Venezuela's role in the global oil market
- France and its allies are preparing a "defensive" mission to reopen the Strait of Hormuz, President Macron announced on March 9, citing the strait's strategic importance
- Oil prices eclipsed $114 per barrel for the first time since 2022 as the second week of war threatened production and shipping across West Asia
Why it matters: Oil clearing $114 a barrel for the first time since 2022 puts the conflict's economic blast radius on display for consumers and central banks worldwide. France joining the Strait of Hormuz fight and Iran's vow to field one-ton-warhead missiles mark a sharp escalation in both military firepower and international involvement on day eight of the war.
