US Says It Intercepted Iran Attack, Sending Oil Prices Surging

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Dlouhy You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — The US military said it had intercepted an Iranian attack on bases in the region, in what would be the first such attempted strike in days, sending crude oil prices soaring and raising fears of a return to war.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account“Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on US forces based in the Middle East,” US Central Command said Tuesday evening. “All Iranian missiles were successfully intercepted. US forces remain vigilant and at a high state of readiness.”Crude oil jumped and US stock futures dipped after the military announced the latest assault, which followed days of relative calm that saw the US and Iran halt what had been intensifying tit-for-tat strikes. West Texas Intermediate rose as much as 5% to top $83 a barrel, paring some of the 14% drop over the past three sessions. Brent closed near $84 on Tuesday.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe Centcom announcement underscored the volatility in the region even as US President Donald Trump has sought to avoid ramping up bombing in Iran and instead tried to lay the groundwork for further diplomacy.“I think we have a very strong position right now,” Trump told Fox News earlier Tuesday. He reiterated his threat to bomb Iran’s major bridges if no agreement can be reached, but added “if I can avoid doing that, I’d like to do that.”Trump on Tuesday welcomed Israeli Prime Minister Benjamin Netanyahu to the White House for talks as the war has strained ties between two normally staunch allies. Netanyahu was in Washington for the funeral Senator Lindsey Graham, a longtime Iran hawk.Netanyahu has sought to press the US to ensure Iran does not possess nuclear weapons. Trump, while insisting that he will never let Tehran develop such weapons has been more focused on securing a deal with Iran that would see them ease the chokehold on the Strait of Hormuz and allow vessels to more easily transit the crucial energy waterway.“It was one of the best conversations I’ve had,” Netanyahu said in a video posted on Instagram after meeting Trump. “It was a meeting with full cooperation, with mutual support, with understanding on the joint goal that Iran won’t have nuclear weapons, and also other goals.”Other issues have also left the two leaders navigating a complicated relationship, including a US nuclear deal with Saudi Arabia and the potential sale of F-35 fighter jets to Turkey — both of which have spurred Israeli worries of an arms race in the region. Israel “fully supports whatever path the president chooses to take,” spokesman Doron Spielman told Bloomberg. “It can either be taken care of the easy way — through negotiations, which everyone would prefer — or the hard way.”A second Israeli official said the prospect of the US selling F-35s to Turkey did not come up in the meeting. Neither did the future of Iran’s Pickaxe Mountain, which the US and Israel suspect is a nuclear site and Trump has threatened to target, Tzipi Hotovely told reporters. Trump also did not pressure Netanyahu to speed up operations in Gaza or withdraw troops from Lebanon, Hotovely said. This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.The Strait of Hormuz has been at the center of recent hostilities after a interim peace deal collapsed.In the region, negotiators from Iran and Oman are working on an agreement to restart substantial shipping through the strait, a move that would enable Iran and the US to resume formal negotiations about Tehran’s nuclear program and permanently end their war, according to people familiar with the situation, asking not to be identified speaking on sensitive matters.Omani and Iranian negotiators met in Tehran over the weekend and discussions are ongoing, the people said. Omani officials hope to make an announcement signaling progress in the next few days, the people said. Tehran isn’t satisfied with Oman’s offer for shared control over the strait, an Iranian official told state television.Gasoline has spiked during the height of summer driving season, souring Americans on the already unpopular war effort — and Trump’s Republican Party — ahead of November’s midterm elections that will determine control of Congress. Despite the recent let up in attacks, few vessels were moving through the Strait of Hormuz — at least with their transponders turned on — as Iran continues to threaten any that try to transit without its permission. A resumption in hostilities would further raise the risk for shippers in the region.The US has reinstated its own naval blockade to prevent ships docking in Iranian ports. —With assistance from Kate Sullivan, Alisa Odenheimer, Meghashyam Mali and John Harney.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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