Iran-US war latest: Tehran says conflict will go on ‘until enemy’s surrender’ after Trump says US will withdraw soon

Fuel price rises in March were the highest on record, adding an “unprecedented” £11 to the cost of filling up an average vehicle.

The average cost for a litre of unleaded petrol rose by 20p in the month following America’s strikes on Iran, from 132.83p per litre to 152.83p. In the same period, diesel prices were up 40p to 182.77p, analysis by the RAC shows.

This surpasses the speed of the price rises seen after Russia’s invasion of Ukraine in March 2022, when petrol prices rose by 16.6p and diesel by 22p.

Russia is ready to contribute to resolving the Iran conflict and President Vladimir Putin is continuing to talk with regional leaders, Kremlin spokesman Dmitry Peskov said on Thursday.

“The president is continuing these contacts, and if our services are somehow required, we are, of course, ready to make our contribution to ensuring that the military situation transitions to a peaceful course as soon as possible,” Peskov told reporters.

Peskov was responding to a question about U.S. President Donald Trump’s speech to the nation about the Iran war and his separate comment that he was considering pulling the United States out of NATO.

Ships attempting to transit the Strait of Hormuz are being asked to pay a toll in Chinese yuan, according to a report.

Bloomberg reports that Iran is offering different terms for safe passage to ships according to a 1-5 grading scale, in which friendlier countries get a better deal.

Sources told the outlet that approved oil tankers pay a fee starting at $1 per barrel of oil, paid in yuan or cryptocurrency.

The IRGC then gives the tanker a passcode and route instructions, allowing them to be escorted through the strait by a patrol boat.

Donald Trump on Thursday shared an opinion piece on Truth Social arguing the benefits of “defanging” Iran still outweighs the cost of the war.

The article was written by Mark Penn, a pollster and former adviser to the Clintons.

The editorial concluded: ”In short — the price of the Iran war is much, much less than the benefits it provides. A temporary increase in oil prices has been overblown and in the end will be worth it compared to crippling one of the worst regimes in history.”

Israel has claimed attacks on a base linked to Iran’s Revolutionary Guard and a mobile HQ for regime leaders in Tehran.

IDF spokesperson Ella Waweya said on Wednesday the Defense Army carried out a wave of strikes on infrastructure across Tehran.

“As part of this wave, the Air Force, directed by the Military Intelligence Directorate, struck a base affiliated with the Ground Forces of the Revolutionary Guard, which serves as a central unit within the terror regime’s forces,” she said.

“Throughout Operation ‘Lion’s Roar,’ the Defense Army systematically attacked hundreds of headquarters affiliated with the Iranian terror regime across Iran, which were taken out of service.”

Iran’s foreign ministry spokesperson says in response to Trump’s speech that Iran will not tolerate going back to the position they were in with the US before the war.

“We will not tolerate this vicious cycle of war, negotiations, ceasefire, and then repeating the same pattern,” Esmail Baghaei said.

He said the ongoing conflict was “catastrophic not only for Iran, but for the entire region and beyond”, stressing that Iran does not consider its Gulf neighbours as enemies.

“The problem is that the United States and Israel are exploiting their territories to carry out their military aggression against Iran.

“This is an unjust war that has been imposed on the Iranian people. We have no choice but to fight back strongly,” he added.

Benchmark Brent crude prices climbed some 6-7% on Thursday, reflecting pessimism in the market for a quick end to the war in the Middle East.

Stocks took a hit following the rambling address to the nation, with US index futures down 1.3% and European futures sinking over 2%.

“If he (Trump) was trying to inspire confidence in the markets, he has not done that,” said Russel Chesler, Head of Investments and Capital Markets at Vaneck Australia.

“The key question in all investors’ minds is ‘When is this going to be over?'”

Futures tracking Europe’s main stock indexes fell more than 1 per cent on Thursday, in step with hopes of a quick end to the Middle East conflict after Donald Trump vowed to keep up strikes on Iran.

Futures tracking the pan-European STOXX 600 index slid nearly 2% by 6:36 GMT, with contracts tracking Germany’s DAX and France’s CAC 40 index down 1.7% and 1.6%, respectively.

Brent crude shot past $100 a barrel, up nearly 7%.

The US has told its citizens in Iraq to leave the country “immediately”, warning of possible attacks in the capital within the next 24 to 48 hours.

A statement said that Iraqi “terrorist militias” aligned with Iran “may be planning attacks” in central Baghdad.