Day 5 of War on Iran: Round-up of key developments

A strike on an Iranian naval vessel that has left over 100 people missing and more than 75 injured has pushed the Israeli and American war on Iran into more perilous waters on day five of the conflict.

With cross-border attacks widening and threats against senior Iranian leadership escalating, the risk of a broader regional war is growing.

Across the Global South, officials are calling for immediate de-escalation, citing international law concerns and the impact on energy markets and regional stability.

Here’s a round-up of the key developments from day five.

Iranian frigate hit by submarine, over 100 missing

A submarine attack on the Iranian frigate IRIS Dena off the coast of Sri Lanka has left at least 101 crew members missing and 78 wounded, in one of the most significant naval incidents of the conflict so far.

With around 30 sailors rescued by Sri Lankan forces, search and rescue operations are continuing.

The vessel sank just outside Sri Lanka’s territorial waters. Tehran has described the strike as a major escalation, vowing a response.

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Markets on edge as energy prices surge and stocks slide

Global markets have reacted sharply to the intensified US–Israel strikes on Iran and the disruption of key energy routes, with oil prices jumping to multi-month highs as traders price in supply risks and threats to the Strait of Hormuz, a chokepoint for roughly a fifth of global oil flows.

Asian and European stock indices have tumbled, and investors are moving into safe havens amid volatility and heightened inflation concerns.

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Iran says ready for long haul, more Israeli strikes in Tehran

Iran has no intention of negotiating with the United States and can continue the war for "as long as we want", Mohammad Mokhber, a senior aide to late supreme leader Ali Khamenei, told state TV.

The country's judiciary chief, meanwhile, warned anyone aiding Iran's enemies would "be dealt with decisively and severely", after the United States and Israel called on Iranians to rise up against the country's authorities.

Meanwhile, the Israeli military said it had begun a fresh wave of strikes on Tehran on Wednesday.

The army said it had struck "dozens" of targets, including security command centres in Tehran, and had shot down an Iranian fighter jet over the capital.

After the announcement by Iran of Khamenei’s funeral, Israel's defence minister warned that any successor would be a "target for assassination".

Global South urges restraint

Chinese Foreign Minister Wang Yi has already told his Israeli counterpart that military action against Iran should end immediately, warning that force will only deepen instability and underlining China’s preference for dialogue and negotiation over escalation. 

As per the Financial Times, Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, said Islamabad has communicated to Iran and regional partners and flagged that a mutual defence pact with Saudi Arabia could be triggered if Iran attacks the kingdom, while also condemning the strikes and organising evacuations of Pakistani citizens from border areas.

Pakistan on Wednesday formally asked Saudi Arabia to facilitate an alternative oil supply route via Yanbu to safeguard its fuel supply chain after the closure of the Strait of Hormuz, Dawn reported.

The Russian foreign ministry strongly criticised the US and Israeli strikes on Iran as a “preplanned and unprovoked act of armed aggression” against a sovereign state, demanding an immediate halt to military operations and urging a return to diplomacy. Moscow also warned the war could spur Iran and neighbouring Arab states to seek nuclear weapons and cautioned that the conflict risked spiralling out of control.

Iraq's top Shiite Muslim cleric, Ali Sistani, denounced on Wednesday "in the strongest terms the unjust war" on Iran.

Sistani, himself born in Iran, called "on all Muslims and free people around the world to denounce" the war and "stand in solidarity with the Iranian people."

Chinese shipping giant Cosco halts services to and from the Gulf

Chinese shipping giant Cosco, which operates one of the world's biggest oil tanker fleets, announced it was suspending services to and from Gulf countries from Wednesday, including the United Arab Emirates, Bahrain, Saudi Arabia, Iraq and Kuwait.

The state-owned, Shanghai-based firm is among several major shipping groups that have halted vessel operations in the Strait of Hormuz, a key waterway for global energy transit.

Cosco Shipping Lines said it would "suspend all new bookings" for routes through the Strait of Hormuz "with immediate effect until further notice".

Iranian forces claim control of Hormuz

Iran’s Revolutionary Guards said Iranian forces had "complete control" of the Strait of Hormuz, a vital route for world oil and gas supplies, and any vessels seeking to pass risked damage from missiles or stray drones.

Trump said on Tuesday the US Navy was ready to escort oil tankers through the crucial Gulf shipping route.

The Guards said they had also launched more than 40 missiles at US and Israeli targets in a new wave of strikes.

Israel expands Lebanon strikes; US staff leave Saudi Arabia, Oman

Israel expanded its air strikes in Lebanon, targeting the area around the presidential palace near Beirut and other areas south of the capital, as well as strongholds of Hezbollah, killing at least 11 people, according to officials and state media.

Hezbollah said it had targeted the headquarters of Israel Aerospace Industries, in central Israel, overnight with a drone attack and had also launched a missile at a drone control base.

The United States, meanwhile, said it had ordered non-emergency staff at its consulates in the Pakistani cities of Lahore and Karachi to leave the country over "safety risks", and granted permission for staff to leave missions in Saudi Arabia and Oman.

Drone targets Saudi oil

Saudi Arabia intercepted a drone attack targeting its massive Ras Tanura refinery, the defence ministry said, following an earlier hit on the complex earlier in the week.