Iran ends military operations against Israel, warns of harsher attacks if strikes on Lebanon persist

Summary

Iranian military's joint command said that it is halting its offensive operations after it exchanged fire with Israel. The announcements comes at a time when US President Donald Trump said that Iran and Israel were seeking an "immediate ceasefire," after the two countries attacked each other for the first time since a truce came into effect two months ago. Also read: 100 days of Iran war: India must brace for broad-based economic shock "Both sides, Israel and Iran, are looking to do an immediate CEASEFIRE!" he said on Truth Social. "Final negotiations on 'Peace' are proceeding, subject to ignorance or stupidity getting in its way." He added that “the Blockade will remain in place, and in full force and effect, until a ‘Final Deal’ is reached,” and suggested that developments could move quickly. “Things should move quickly,” he said. A few minutes earlier, Trump warned the two nations to "immediately stop 'shooting.'" Iran had fired a barrage of missiles at Israel overnight, to which Israel responded by targeting military sites in the Islamic republic. Tehran's strikes followed attacks by Israel against targets of the Hezbollah group in the southern suburbs of Beirut. Iran blamed the US for the escalation. “No one believes that the Israeli regime would take any action without coordination with the United States,” Iranian Foreign Ministry spokesman Esmail Baghaei said during a briefing with journalists in Tehran. Oil prices climb after fresh strikesOil prices rose more than 3% on Monday following renewed Israeli strikes on Iran and attacks on Lebanon which reduced hopes of an imminent end to the wider war. As per Reuters, brent crude futures were up $3.08, or 3.3% to $96.17 a barrel as of 1108 GMT, while US West Texas Intermediate crude futures were up $3.37, or 3.7%, at $93.91. Israel hit a petrochemical plant in southwestern Iran that it claimed was used to produce ballistic missiles, and Iran's Islamic Revolutionary Guard Corps said the country retaliated with a strike aimed at a similar Israeli facility in the city of Haifa. Tehran's negotiators have repeatedly said any deal with Washington to end the conflict must include a halt to Israel's campaign in Lebanon, while other key issues include Strait of Hormuz, Iranian nukes and protection of rights. On Monday, Iran’s ambassador to Moscow was quoted as saying that the Strait would be open but under conditions to be set by Iran and Oman, including a transit fee. Brent crude has risen 33% since the start of the conflict just over 100 days ago, while WTI has risen 40%. Brent in April hit a peak above $126 a barrel. (With inputs from agencies) (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)