Throughout an deal with broadcast by Iranian state TV, President Masoud Pezeshkian apologised to the neighbouring international locations for assaults launched following US-Israel strikes however asserted that Tehran is not going to strike “until they assault first”.
Key quotes
I need to apologise by myself behalf and on behalf of Iran to the neighbouring international locations that have been attacked by Iran.
The interim management council agreed yesterday that no extra assaults will likely be made on neighbouring international locations and no missiles will likely be fired until an assault on Iran originates from these international locations.
Tehran would “not give up” to US President Donald Trump’s calls for of “unconditional give up”.
The feedback come after Iran launched assaults on Gulf international locations internet hosting US forces with waves of retaliatory missile and drone strikes for the reason that US-Israeli assaults started final Saturday.
Market implications
The Iranian President’s deal with could possibly be seen as step one towards de-escalation. Nonetheless, until Iranian forces present some assurance on the protected resumption of economic site visitors by way of the Strait of Hormuz, market panic and uncertainty are anticipated to stay excessive.
The deepening Center East battle despatched oil costs by way of the roof, with West Texas Intermediate (WTI) having surged roughly 32% over the week to its highest stage since October 2023 at $90.
