Amidst tensions, Iran warns Israel against further aggression and vows a harsh response. However, Israel has remained silent, directing its focus on increasing pressure on Hamas. Despite recent air strikes, there will likely be no escalation into a full-scale war between Iran and Israel, as Tehran downplays Israeli actions and prioritizes preventing a Sunni alliance.
Iranian President Ebrahim Raisi issued fresh threats to Israel, cautioning against a repeat of the Damascus attack that claimed the lives of high-ranking Iranian Revolutionary Guard Corps (IRGC) commanders. During his visit to Pakistan, Raisi strongly criticized the United States and the Western world for backing Israel’s actions in Gaza, labeling them as a ‘genocide.’ Furthermore, Raisi reaffirmed Iran’s unwavering support for the oppressed Palestinian people.
The international geopolitical landscape is characterized by heightened tensions and escalating conflicts. The ongoing Ukraine conflict, the growing rift between China and the Philippines in the western Pacific, and the simmering tensions between Iran and Israel pose significant challenges for global stability and security. The Ukraine conflict, pitting Russia and Western powers against each other, has raised concerns about a potential nuclear escalation and the breakdown of arms control agreements. Despite efforts to weaken Russia through a proxy war in Ukraine, Western strategies have failed to produce a clear outcome, leaving no signs of genuine negotiations. The EU, facing economic woes and social unrest, seeks to increase its military capabilities and assume more responsibility for supporting Ukraine. However, support for the conflict is waning in the US, with diminishing enthusiasm for providing weapons and funding to Ukraine. As the possibility of a diplomatic breakthrough seems remote, preparations are underway for a peace conference in Switzerland. Russia has dismissed Zelensky’s maximalist peace proposal, while the organizers aim to mobilize support from Global South countries to diplomatically isolate Russia. China has also proposed a peace plan, but its lack of traction highlights the challenges of resolving the conflict.
Oil prices rebounded on Tuesday, supported by expectations of tighter supplies amid production cuts and increased demand. While tensions between Iran and Israel eased, traders still factored in geopolitical risks and potential aggression. Despite recent losses, oil prices remained relatively buoyant on expectations of tighter supplies in the coming months due to production cuts and increased demand.
