During an address broadcast by Iranian state TV, President Massoud Pezeshkian apologized to neighboring countries for the attacks launched after the US-Israel strikes, but said Tehran would not attack “unless they attack first”.
key quote
On my own behalf and on behalf of Iran, I must apologize to the neighboring countries that Iran attacked.
The Interim Leadership Council agreed yesterday that there would be no further attacks on neighboring countries and that no missiles would be fired unless those countries attacked Iran.
Tehran “will not surrender” to US President Donald Trump’s demand for “unconditional surrender”.
The comments came after Iran launched attacks with retaliatory missile and drone strikes on Gulf countries hosting US forces following the US-Israeli attacks that began last Saturday.
market implications
The address of the Iranian President can be considered as the first step towards reducing tension. However, unless the Iranian military provides some assurances on the safe resumption of commercial traffic through the Strait of Hormuz, the market will remain jittery and uncertain.
The deepening Middle East conflict sent oil prices skyrocketing, with West Texas Intermediate (WTI) rising nearly 32% during the week to its highest since October 2023 at $90.
