Oil surges to $115 as Iran reports US-Israeli strike on petrochemical facility (PHOTOS, VIDEOS)

The month-long war shows no prospects for a swift resolution, with the US sending reinforcements and Yemen’s Houthis joining the fight

Oil prices surged to about $115 a barrel after Iranian media reported a suspected US-Israeli strike on the Tabriz Petrochemical Company on Monday.

The reported strike came as Tehran stepped up its rhetoric, declaring the homes of US and Israeli officials and military commanders legitimate targets in retaliation for attacks on residential buildings in Iran.

Despite diplomatic efforts involving Pakistan, Türkiye, Egypt and Saudi Arabia, the fighting has continued to widen across the region. Yemen’s Iran-backed Houthis, who had largely stayed out of the fighting since the war began, have now formally entered the conflict, launching missiles and drones at Israel.

Washington reinforced its military presence in the Middle East to more than 50,000 troops over the weekend, fueling fears of deeper US involvement. Iranian Parliament Speaker Mohammad Bagher Ghalibaf said the country’s forces were “waiting” for American troops, accusing the US of “secretly planning a ground invasion” while publicly talking about negotiations.

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Here are the latest developments:

• The foreign ministers of Pakistan, Türkiye, Egypt and Saudi Arabia met in Islamabad for peace talks earlier on Sunday.

• Iran has received proposals from the United States through mediators, but Tehran considers them “highly unreasonable,” Foreign Ministry spokesperson Esmaeil Baqaei said, according to the RT bureau in Iran.

• The Israeli military said it is ready for a “multi-front war” after Yemen’s Iran-backed Houthi rebels entered the conflict with missile attacks on Israel.

• The Islamic Revolutionary Guard Corps announced that it would “begin bombing” the homes of US and Israeli officials and military commanders in retaliation for repeated strikes on residential buildings that have killed nearly 2,000 civilians in Iran over the first month of the war.

Follow our live coverage below for continuous updates. You can also read our previous updates here.