Iran: We’re Ready For Long War That Will Destroy World Economy

Iran Readies for ‘War of Attrition’ That Will ‘Destroy’ World Economy – Ships Torched in Hormuz as Oil Prices Soar; Nigeria Faces Petrol at N2,000/Litre

Iran has declared it is braced for a long war of attrition capable of “destroying” the entire global economy after its forces struck two commercial vessels in the Strait of Hormuz and warned that any American or allied ships entering the waterway do so at their peril.

As previously reported by NaijaChoice News, the conflict erupted on February 28 when United States and Israeli strikes killed Iran’s Supreme Leader Ayatollah Ali Khamenei, plunging the Middle East into open war now in its 12th day.

Tehran’s Revolutionary Guard confirmed it targeted the Liberian-flagged container ship Express Rome and the Thai bulk carrier Mayuree Naree after the vessels ignored repeated IRGC naval warnings. Oman’s navy rescued 20 crew members, but three others remain missing. Dramatic pictures released by the Thai navy showed thick black smoke pouring from the burning Mayuree Naree.

IRGC adviser Ali Fadavi told state television bluntly: “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.”

With 20 per cent of the world’s crude oil and liquefied natural gas passing through the narrow Strait of Hormuz – and roughly one-third of global fertiliser supplies – analysts warn that even a partial shutdown would trigger catastrophic price shocks, especially for Asia and Europe.

To blunt the impact, the International Energy Agency announced its 32 member countries will release a record 400 million barrels from emergency reserves, the largest such move in history.

Oil prices have already surged sharply since fighting began, with Brent crude climbing well above budget benchmarks and analysts forecasting possible spikes to $150 or higher if the strait remains contested.

US President Donald Trump told Axios the war would end “soon” because “there was little left for US forces to target in Iran,” adding: “Any time I want it to end, it will end.” Israel’s Defence Minister Israel Katz, however, declared the operation would continue “without any time limit, as long as necessary.”

On the ground, Israeli jets carried out fresh wide-scale strikes across Iran and hit Hezbollah targets in Beirut, including an apartment building in central Lebanon’s capital. An AFP correspondent on the scene described destroyed walls on the seventh and eighth floors, with residents recounting horror: “I ran from room to room, pulled my wife and daughter out… then the second strike hit,” said bakery owner Fawzi Asmar.

Iran’s health ministry has put the civilian death toll from US-Israeli strikes at over 1,200, with more than 10,000 injured.

The Revolutionary Guard has vowed to strike “economic centres and banks” linked to US and Israeli interests. That threat materialised with drone attacks near Dubai airport (injuring four people) and on fuel tanks at Oman’s Salalah port, forcing suspension of operations there. International firms including Citi and Deloitte have begun evacuating staff from Dubai.

French President Emmanuel Macron urged G7 leaders to restore safe navigation in the strait “as soon as possible,” while the United Nations called on all sides to allow humanitarian cargo through.

Inside Iran, police chief Ahmad-Reza Radan warned that any protesters would be treated as “enemies,” declaring: “All our forces are also ready, with their hands on the trigger, prepared to defend their revolution.”

Succession moves are already underway. Mojtaba Khamenei has been named to replace his father but has not appeared publicly; reports say he was wounded in the same strike that killed the Supreme Leader.

For ordinary Iranians, life goes on under the bombs. A 70-year-old Tehran resident told AFP: “We’ve put our faith in God. For now, there’s food in the shops.” Another added: “People are calm. They are getting used to living despite everything.”

Nigeria already feeling the heat

Back home, the economic shockwaves are hitting Naija hard. Global crude prices have pushed Brent well above Nigeria’s 2026 budget benchmark, and energy experts plus the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) are warning that pump prices could climb to N2,000 per litre – or even higher – if the Hormuz crisis drags on.

Long queues have already started forming at filling stations in Lagos and other major cities. Although Nigeria earns more from crude exports at these elevated prices, the country still imports most of its refined petrol and diesel. That means higher landing costs are feeding straight into pump prices and transport fares, piling fresh pressure on households already battling inflation.

Dangote Refinery briefly slashed gantry prices to N1,075 per litre, but industry watchers say further increases are inevitable if global benchmarks stay elevated.

The International Energy Agency’s historic stock release may help calm markets temporarily, but analysts say only a quick de-escalation in the Strait of Hormuz will spare Nigeria – and the rest of the world – from even deeper pain.