live Oil prices fall as Iran vows retaliation over U.S. sanctions
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concer...
Iran does not seek war with Israel or the United States but is prepared to respond if attacked, Iranian Foreign Minister Abbas Araghchi said on Thursday (8 January ) as economic protests sweep the country and Tehran's crackdown reportedly intensifies.
Speaking in Beirut, Araghchi said Tehran is also open to negotiations with Washington over its nuclear programme, provided talks are conducted on a basis of mutual respect rather than “dictation” by the U.S.
“America and Israel have tested their attacks on Iran, and these strategies failed,” Araghchi told the press at Beirut's Rafik Hariri International Airport, Lebanon's National News Agency reports.
“If they repeat it, they will face the same results. We are ready for any choice. We do not desire war, but we are ready for it,” he added.
The Iranian minister also emphasised the country’s willingness to engage in constructive dialogue over its atomic programme.
“Negotiations should be based on mutual respect and mutual interests,” he said.
“Once the Americans adopt a constructive framework rather than issuing dictations, the results of these talks will be fruitful,” the Iranian FM concluded.
Araghchi’s remarks come amid heightened fears of renewed conflict following last June’s 12-day clashes, when Israel struck Iranian targets (including military officials and nuclear scientists) and the U.S. attacked several nuclear enrichment sites.
Iran resumed uranium enrichment up to 60% purity after the United States withdrew from the 2015 nuclear agreement in 2018 under U.S. President Donald Trump, who reimposed sanctions and launched a “maximum pressure” campaign against Tehran.
While Iran maintains its nuclear programme is peaceful, Western nations and the International Atomic Energy Agency (IAEA) have said the country pursued a nuclear weapons programme until 2003.
Trump last month warned Iran that further U.S. military action could follow if Tehran attempts to rebuild its nuclear capabilities, during meetings with Israeli Prime Minister Benjamin Netanyahu in Florida.
Lebanon visit
Araghchi’s two-day visit to Beirut coincided with Lebanon’s military announcement that it had completed the first phase of a plan to disarm militias, including Iran-backed Hezbollah.
Leading an economic delegation, the Iranian minister discussed regional and international affairs with Lebanese officials.
“Iran desires comprehensive relations with Lebanon, including economic partnerships,” he said.
The visit also comes in the context of the October 2023 Israel-Hezbollah conflict, triggered by Hamas attacks on southern Israel.
The war ended with a ceasefire in November 2024, after Israel’s ground and air operations weakened Hezbollah, killed much of its leadership, and required both sides to vacate southern Lebanon in favour of the Lebanese Armed Forces.
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
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