Iran has issued a stern warning, declaring it will block the shipment of even a single litre of oil from the Middle East if the US and Israeli attacks persist following Iran’s recent deadly airstrike on Bahrain.

Last night, US President Donald Trump threatened Iran with “death, fire, and fury” should the regime continue to obstruct oil exports from the region.

This escalated rhetoric has done little to stabilize the market, as crude prices saw a sharp decline while global shares rallied. This market reaction came after Trump expressed optimism for a quick resolution to the conflict, despite Iran’s appointment of Mojtaba Khamenei as its new supreme leader, signaling defiance.

On Monday, Trump commented that the US had significantly weakened Iran’s military capabilities and predicted the conflict would conclude well before his previously mentioned four-week timeline, though he has yet to clarify what a successful outcome would entail.

Israel has stated its goal is to dismantle Iran’s clerical rule. Meanwhile, US officials have primarily focused on dismantling Iran’s missile capabilities and nuclear program, but Trump insists that the conflict can only end with a compliant Iranian government.

Since the US and Israel commenced their air and missile strikes across Iran at the end of February, at least 1,332 Iranian civilians have been reported dead, with thousands more wounded.

Last night, one woman was killed in an Iranian attack on Bahrain as Tehran attacked its Gulf neighbours.

The 29-year-old was killed as eight other were injured following a hit on a residential building in the nation’s capital, Manama. 

Bahrain called described the attack as a ‘sinful Iranian aggression.’

Smoke plumes billow from the site of airstrikes near Azadi Tower in western Tehran on March 10, 2026

A portrait of late Hezbollah leader Sayyed Hassan Nasrallah sits in front of a destroyed building that housed a branch of Al-Qard Al-Hassan, a non-bank financial institution run by Hezbollah, which was hit by an Israeli airstrike in Dahiyeh, Beirut’s southern suburbs, Lebanon, Tuesday, March 10, 2026

Trump warned that US attacks could rise sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles one-fifth of the world’s oil ​supply.

‘We will hit them so hard that it will not be possible for them or anybody else helping them to ever recover that section of the world,’ Trump said at a news conference on Monday. 

Iran’s Islamic Revolutionary Guards Corps said it would not allow any oil to leave the region if attacks from the United States and Israel continue.

‘We are the ones who will determine the end of the war,’ a spokesperson said, describing Trump’s comments as ‘nonsense’, according to state media.

In a later Truth Social post, Trump repeated his warning.

‘If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have ​been hit thus far,’ he said.

Iran’s Foreign Minister Abbas Araqchi said Iran was unlikely to resume negotiations with the US, citing what he described as a ‘bitter experience’ with past talks. 

‘After three rounds of negotiation, the American team in ​the negotiation said itself that we made a big progress. Still, they decided to attack us. So, I don’t think talking to the Americans anymore would be on our agenda any more,’ he said in an interview with PBS.

He added: ‘We are well prepared to continue attacking them with our missiles as long as needed and as long as it takes.’

The war has already ‌effectively shut the ⁠Strait of Hormuz, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage facilities fill.

Firefighters extinguishing flames after an Iranian projectile struck an industrial area in Ma’ameer, Bahrain on March 9 2026

Mojtaba Khamenei’s appointment on Monday appeared to dash hopes of a swift end to the war, sending oil markets surging and share markets nosediving, before swinging in the other direction when Trump predicted a quick end to the war and reports of a possible ease in sanctions on Russian energy.

After speaking with Russian President Vladimir Putin, Trump said the United States will waive oil-related sanctions on ‘some countries’ to ease the shortage.

According to multiple sources, that could mean a further easing of sanctions on Russian oil, which could complicate efforts to punish Moscow for its war in ​Ukraine. Other options include a possible release of oil from ​strategic reserves or restricting US exports, sources said.

Brent crude ⁠futures fell more than 10% on Tuesday after soaring by as much as 29% on Monday to their highest since 2022. Global stock markets also bounced.

The price of gasoline has particular political resonance in the United States, where voters cite rising costs as a top concern ahead of the November midterm elections, when Trump’s Republicans will try to keep ​control of Congress.

A Reuters/Ipsos poll released Monday found 67% of Americans expect gas prices to rise over the coming months, and only 29% approve of the war.

‘They’re horrible,’ ​one Los Angeles driver said ⁠of current gas prices. ‘They’re too expensive, they’re high, they’re just so high, you know. Sometimes you have to choose between gas and other things that you really need.’ 

Tehran was choked in black smoke after an oil refinery was hit, an escalation in strikes on Iran’s domestic energy supplies. World Health Organisation chief Tedros Ghebreyesus warned the fire risks contaminating food, water and air.

Smoke rises following a strike on the Bapco Oil Refinery on March 6 2026 

Turkey said NATO air defences had shot down a ballistic missile that was fired from Iran and entered Turkish airspace, ⁠the second such ​incident of the war. Iran did not immediately comment on the report.

Israel’s military said it had launched new attacks in central Iran ​and struck the Lebanese capital Beirut, where Israel has extended its campaign after the Iran-backed militia Hezbollah fired across the border.

In Australia, five Iranian women’s soccer team players were granted humanitarian visas after they sought asylum fearing persecution in their home nation. 

Canberra has also promised to send military surveillance ​aircraft to the Middle East and missiles to the United Arab Emirates to help them defend themselves against attacks from Iran.