By Jessie Yeung, CNN
(CNN) — Oil prices are still surging – and stocks falling – as the US-Israel war with Iran nears the end of a second week, after Tehran’s new supreme leader vowed to keep the Strait of Hormuz closed. Global leaders’ attempts to reassure markets and release emergency oil reserves are yet to reverse those trends.
Casualties are mounting, with a French soldier in Iraq and two academics in Lebanon among those killed in the past day as well as a US Air Force refuelling tanker carrying at least five crew lost over western Iraq.
Israel, Iran and the Lebanese militant group Hezbollah continued trading strikes overnight into Friday.
Here’s what to know on day 14.
What are the main headlines?
Oil costs: The US government on Thursday issued a new license allowing countries to purchase certain Russian oil products, the same day Brent crude prices settled above $100 per barrel for the first time since 2022. That will be a boost to the Kremlin as it pursues its own war in Ukraine. Earlier, Iran warned the world to get ready for oil at $200 a barrel. Further threats: Iran’s Islamic Revolutionary Guard Corps (IRGC) warned it would set the region’s oil and gas “on fire” if Iranian energy infrastructure and ports are attacked. Tehran has been actively targeting international cargo ships in the Strait of Hormuz since it was attacked by the US and Israel, as well as fuel tanks and oil fields in neighboring countries. There are dozens of oil tankers trapped in the Persian Gulf, at risk of causing an oil spill if struck, warned Greenpeace. Supreme leader’s message: Mojtaba Khamenei issued his purported first message as Iran’s new supreme leader on Thursday, warning that the Strait of Hormuz would remain closed as a “tool of pressure” – though the Iranian ambassador to the UN claimed otherwise just hours later. Markets down: Stocks opened lower Friday morning, tracking falls in global markets overnight.What’s happening on the ground?
Strikes on Israel: A fresh wave of missiles were launched at Israel early Friday, wounding dozens of people and damaging buildings in the country’s north. Earlier, Iran said it was firing another wave of missiles at Israel, and that Hezbollah had launched a simultaneous attack from southern Lebanon, according to Iranian state media. Tehran and Beirut targeted: Heavy explosions were felt in several parts of Tehran on Friday morning, Iranian state media said. Israel also expanded operations targeting Hezbollah in Lebanon late Thursday night, with strikes in Beirut’s southern suburbs. Mass evacuation orders in Lebanon could push the number of displaced people to more than 1 million within the next few days, one expert said. Mounting casualties: The toll of civilian deaths and injuries continues to climb, with two academics killed by an Israeli airstrike at a Lebanese university on Thursday, and three Red Crescent aid workers in Iran wounded by an attack early Friday. Close to 2,000 have been killed in Iran and Lebanon, according to authorities from both countries, with dozens more killed elsewhere in the region. French forces attacked: One French soldier was killed and several others wounded in an attack in Iraqi Kurdistan, President Emmanuel Macron said Thursday. The drone attack had targeted a base hosting Kurdish forces and international coalition troops, according to the governor of Erbil. There was no immediate claim of responsibility for the attack – but afterward, an Iran-backed militia in Iraq threatened to target French interests in Iraq and the wider region. Leadership questions: Khamenei has not yet appeared in public, on video or in an audio statement. US intelligence suggests the Iranian regime shows no sign of imminent collapse, according to two people familiar with the situation.What’s the latest in Washington?
An underestimation: When planning the ongoing operation, the Pentagon and National Security Council significantly underestimated Iran’s willingness to close the Strait of Hormuz in response to US strikes, according to multiple sources familiar with the matter. Senate hearing: A key US Senate chairman is planning to hold the first public oversight hearing of the war soon with top Department of Defense officials testifying, CNN has learned. To date, there have been no open oversight hearings of the conflict in the GOP-led Congress – though there have been several classified sessions for members.The-CNN-Wire™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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