IRGC

Israeli and US air attacks pound Iran as assassination campaign of country’s leadership continues.

Iran’s Islamic Revolutionary Guard Corps spokesperson has been killed in overnight strikes carried out jointly by the United States and Israel, the IRGC reported, the latest in a mounting toll of senior officials assassinated since the war began.

Ali Mohammad Naini, a 68-year-old brigadier general who took up the IRGC spokesman role in 2024, “was martyred in the criminal cowardly terrorist attack by the American-Zionist side at dawn”, the IRGC said in a statement on Friday.

His death came just hours after he appeared on national television to insist that Iran retained full capacity to manufacture missiles, even under wartime conditions.

“Our missile industry deserves a perfect score … and there is no concern in this regard, because even under wartime conditions we continue missile production,” Naini was quoted by the Fars news agency as saying.

On Thursday, Israeli Prime Minister Benjamin Netanyahu said that “Iran no longer has the capacity to enrich uranium and manufacture ballistic missiles”.

The Israeli army said on Friday that it was carrying out strikes across eastern Tehran, as the country marks the Persian New Year, Nowruz, which this year coincides with Eid al-Fitr.

Al Jazeera’s Mohamed Vall, reporting from Tehran, described the mood in the capital as “hushed”, with none of the customary festivities visible on the streets.

Naini’s killing is the latest in a string of high-profile assassinations that have gutted Iran’s establishment in under three weeks.

Supreme Leader Ayatollah Ali Khamenei was killed in the opening hours of the joint military campaign. He has since been replaced by his son, Mojtaba Khamenei.

Earlier this week, Ali Larijani, secretary of Iran’s Supreme National Security Council and one of the most influential figures in Iran’s establishment, was killed in a strike along with his son and several aides.

The head of the Basij paramilitary forces, Brigadier General Gholamreza Soleimani, and Intelligence Minister Esmail Khatib were also confirmed dead within the same 48-hour period.

US Defense Secretary Pete Hegseth made little effort to conceal Washington’s glee, saying on Thursday that “the last job anyone in the world wants right now” is a senior leadership role in the IRGC or Basij.

However, other US officials appeared to suggest that Washington and Israel’s aims in Israel were not aligned.

Director of National Intelligence Tulsi Gabbard told the House Intelligence Committee this week that US and Israeli objectives “are different”, adding that while Israel had been “focused on disabling the Iranian leadership,” Trump’s goals were to destroy Iran’s ballistic missile capabilities “and their navy”.

Israeli Prime Minister Netanyahu has cast the killings as a means of opening a path for Iranians to reclaim their country, saying on Wednesday the campaign against the country’s leadership “will not happen all at once” but that persistence would give Iranians “a chance to take their fate into their own hands”.

Foreign Minister Abbas Araghchi said the US and Israel had still failed to grasp that Iran’s political structure does not rest on any single person.

“The presence or absence of a single individual does not affect this structure,” he said.

The global energy landscape is facing its most volatile period in decades following the US-Israeli strikes against Iran on 28 February that triggered a wider and potentially prolonged conflict in the Middle East.

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What began as a targeted military operation has rapidly escalated into a direct confrontation with global economic implications.

Based on claims by Iranian state media and regional reports, the Islamic Revolutionary Guard Corps (IRGC) has ostensibly adopted a strategy of “energy blackmail” to leverage the international community into pressuring the US and Israel to cease its attacks.

The $200 per oil barrel threat was first articulated shortly after the conflict began.

On Sunday 1 March, a senior IRGC spokesperson warned that if “cowardly anti-human actions” continued, the world should prepare for a massive price surge, even as high as $200 per oil barrel.

This rhetoric has since become a central pillar of Tehran’s messaging.

As recently as this Wednesday, Ebrahim Zolfaqari, the spokesperson for Iran’s Khatam al-Anbiya military command headquarters, told state media: “Get ready for the oil barrel to be at $200, because the oil price depends on the regional security which you have destabilised.”

Iran’s tactical disruption

The IRGC’s current strategy relies on “internationalising” the cost of the conflict.

By disrupting the flow of nearly 20% of the world’s oil and liquefied natural gas (LNG) through the Strait of Hormuz, Iran aims to drag the global economy into the fray.

This is why the IRGC has targeted vessels from neutral nations, including ships sailing under Thai, Japanese and Marshall Islands flags, among others.

According to energy analysts, this disruption is designed to create domestic political pressure within Western nations, to in turn force the US and Israel to pull back on military action in exchange for energy stability.

By striking countries that have not attacked them directly, Tehran is signaling that no maritime trade is safe as long as the strikes on its soil continue.

The main vector of this strategy is precisely the disruption of energy markets, an element Iran can influence directly through its geographical advantage.

A history of oil price shocks

While $200 per barrel sounds astronomical, oil has approached similar levels in the past when adjusted for inflation.

The highest nominal price ever recorded was around $147 in 2008, driven by peak oil fears and rampant speculation just before the global financial crisis. When adjusted for 2026 inflation, that 2008 peak represents roughly $211 per barrel.

Previous major shocks, such as the 1973-74 Arab Oil Embargo and the 1979 Iranian Revolution, saw prices quadruple and double respectively from pre-crisis levels.

In 1980, prices hit a nominal peak of about $39.50, which would be approximately $160 in today’s terms.

However, the current crisis involves a total physical blockade of one of the world’s most critical maritime chokepoint, increasing the risk of a price “moonshot”.

Market response and reserves

At the time of writing, Brent crude is trading just above $100 per barrel, a sharp increase from the $60 range seen in mid-February before the Iran war began.

The International Energy Agency has attempted to stabilise the market by orchestrating the largest-ever coordinated release of strategic reserves, but the continuation of Iranian strikes agaisnt oil infrastructure and tankers has largely neutralised the effort.

With insurance providers cancelling war-risk coverage and shipping companies redirecting fleets, the market remains in a state of high anxiety.

If the blockade on the Strait of Hormuz persists, the $200 figure may shift from a political threat to an increasingly likely scenario.

In a recent report, Oxford Economics identified $140 per barrel as the threshold at which the global economy tips into mild recession, reducing world GDP by 0.7% by year-end and pushing the UK, the Eurozone and Japan into contraction.

Iran’s Islamic Revolutionary Guard Corps has pledged allegiance to Mojtaba Khamenei, the country’s newly-elected supreme leader. While some Iranians have celebrated, many are dismayed the 56-year-old cleric, accused of human rights abuses, has ascended to the country’s highest office.