Tensions surrounding Iran have escalated once again. On March 14 local time, a spokesperson for the Central Headquarters of Khatam al-Anbiya, the Iranian Armed Forces, issued a warning stating that if Iran's oil, economic, and energy infrastructure is attacked, all related American assets in the region would be destroyed. Earlier, former US President Donald Trump claimed that US forces had heavily bombed Iran's key oil export hub, Kharg Island, "completely destroying all military targets on the island." A retired US military officer commented that the US attack on Kharg Island has heightened the risks of the conflict, potentially leading to "uncontrollable" oil prices.
The cryptocurrency market has already sensed the risk. From late on the 13th to the early hours of the 14th, major cryptocurrencies including Bitcoin, Ethereum, and Solana experienced sharp declines, turning negative. Bitcoin dropped from approximately $73,800 to near $70,000, while Ethereum fell from $2,200 to below $2,100. At the time of writing, Bitcoin was down 0.55% to $70,800, Ethereum had fallen 0.67% to $2,091, Solana was down over 1%, Cardano dropped more than 2%, and Hyperliquid declined by 3.5%. Prior to this sell-off, Bitcoin had seen a 24-hour gain of over 5%, and Ethereum had risen more than 6%.
According to data from CoinGlass, over the past 24 hours, a total of 102,000 traders globally were liquidated, with total liquidations amounting to $373 million. In just the last 12 hours, long positions accounted for $135 million of these liquidations.
**Latest Warning from Iran** As reported by CCTV News, the spokesperson for the Central Headquarters warned on the 14th: "In response to the US's aggressive and terrorist rhetoric, we declare that once Iran's oil, economic, and energy infrastructure is attacked, as we have warned before, all oil, economic, and energy infrastructure of oil companies in the region that have cooperation with or hold shares from the United States will be immediately destroyed and turned to ashes."
On the 13th local time, a retired US military officer stated in a media interview that the US attack on Kharg Island has increased the risk of war, which could ultimately lead to "uncontrollable" oil prices. Former US Army Brigadier General Mark Kimmitt said, "This means we have significantly raised the stakes of this war. The conflict is no longer just about 'destroying military capabilities and toppling the regime'; it has potentially evolved into an attempt to sever the country's economic lifeline." Kimmitt pointed out that the US is using the island as a "hostage" to ensure Iran allows ships to pass through the Strait of Hormuz. A blockade of the strait alone could cause crude oil prices to surge. Kimmitt warned that if these oil infrastructures are targeted, Iran "will retaliate by attacking other infrastructures in the Middle East," at which point oil prices would spiral out of control.
Kharg Island is a critical hub for Iranian oil exports. The Speaker of the Iranian Parliament, Mohammad Bagher Ghalibaf, had previously stated that if the US and Israel attack any of Iran's islands in the Persian Gulf, Iran would "abandon all restraint." On the evening of the 13th Eastern Time, former President Trump said that US forces had heavily bombed Kharg Island, "completely destroying all military targets on the island." Trump claimed he chose not to destroy the island's oil infrastructure but threatened that if Iran or any other country interferes in any way with the safe and free passage of ships through the Strait of Hormuz, "I will immediately reconsider this decision."
According to a report from Iran's Fars News Agency on the 14th, cited by Xinhua News Agency, during the enemy airstrike on Kharg Island, more than 15 explosions occurred. The enemy attempted to damage defensive positions, military bases, and helicopter hangars on the island, but the oil facilities remained undamaged.
On Friday, Brent crude closed above $100 per barrel for the second consecutive session, reaching its highest level in over three years. WTI crude settled near $99 per barrel, its highest level since July 2022. Higher oil prices have begun to impact global consumers, while also increasing stock market volatility and fueling inflation concerns. Some analysts suggested that if Brent remains above the key psychological level of $100 per barrel, it could increase pressure to end the war with Iran.
**Launch of the 48th Military Operation** According to a report from CCTV News, a message from the Public Relations Department of Iran's Islamic Revolutionary Guard Corps (IRGC) on the 14th stated that in the early morning, the IRGC and Lebanon's Hezbollah jointly carried out the 48th round of the "True Promise-4" military operation. It was reported that the operation involved the use of "Kheibar Shekan" missiles, "Qadr" missiles, and destructive drones, targeting the Golan Heights, northern Israeli areas of Galilee and Haifa, as well as US military bases in the Middle East.
Earlier that day, Iran's Tasnim News Agency, citing a statement from the IRGC, reported that Iran had launched the 47th wave of the "True Promise-4" operation. Targets included three locations in southern Israel, the US Al Udeid Air Base in Qatar, and strongholds of "separatist" groups in Iraq related to Iran.
On the 13th local time, public gatherings were held in various parts of Iran to condemn the military aggression by the US and Israel against multiple countries in the Middle East. Senior Iranian officials, including the President, participated in the gathering in the capital, Tehran. On the morning of the 13th, despite Israeli announcements of planned airstrikes on areas including central Tehran, large crowds still gathered on Enghelab Street in the city center. Participants raised Iranian flags and chanted anti-US and anti-Israel slogans, condemning the military aggression. Attendees expressed that the US and Israel plan to force Iran to "surrender" through military strikes and assassinations of Iranian leaders, but the Iranian people stand united with the army and government to resist the aggression and fight to the end.
Several senior Iranian officials also attended the gathering in Tehran, including President Masoud Pezeshkian, Secretary of the Supreme National Security Council Ali Larijani, and Foreign Minister Hossein Amirabdollahian. Larijani stated that Israel's attacks on Iran were motivated by "fear and desperation." He added that the US fails to realize that increased pressure on the Iranian people only strengthens their resolve. Amirabdollahian noted that despite the "brutal" attacks by the US and Israel that day, millions of people across Iran still participated in the gatherings, demonstrating the people's steadfast support for the nation.
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