Iranians block a road and gather during a protest in Tehran, Iran, January 9, 2026.
Masa | AFP | Getty Images
Iran now appears to be on President Donald Trump’s list, after Venezuela and Greenland.
This comes as a wave of protests in Iran is now in its third week. What started as demonstrations against skyrocketing inflation evolved into a nationwide anti-government uprising. More than 500 people have been killed as the Iranian government has moved aggressively to crack down on dissidents, according to the US-based Human Rights Defenders News Agency.
President Trump posted on Truth Social on Friday, referring to the protesters and declaring, “The United States of America is coming to their rescue.”
Those were not empty words. White House officials have since outlined possible options for him, with a briefing scheduled for this week on a response that could include military, cyber and economic measures, MS Now and other media reported. No decision has been announced.
Escalation will have serious consequences. Iran is not only a major oil producer, but also exerts influence over the Strait of Hormuz, a key artery for the world’s crude oil. Any disruption there will almost certainly spill over into energy markets.
“A complete closure of the Strait could result in a price increase of $10 to $20 a barrel,” said Andy Lipow, president of Lipow Oil Associates.
Analysts warn that Iran poses a far greater risk than previous US targets. “Iran has a much greater ability to retaliate against the United States, especially by attacking regional energy infrastructure,” said Matt Gertken, chief geopolitical strategist at BCA Research.
Iranian officials echoed that warning. Parliament Speaker Mohammad Baqer Qalibaf warned of possible retaliation if the United States attacks the country. “In case of an attack on Iran, the occupied territories (Israel) and all US military bases and ships will be legitimate targets,” Khalibaf said, according to a Reuters report.
What you need to know today
The focus returned to the Strait of Hormuz. Industry experts have warned that the conflict between the United States and Iran could prompt Tehran to close the Strait of Hormuz, the narrow waterway through which nearly a third of the world’s offshore oil flows. Here’s what a US intervention in Iran would look like.
Fed Chairman Jerome Powell said he was under investigation. He said Sunday night that federal prosecutors are conducting a criminal investigation into Mr. Powell that focuses on the $2.5 billion renovation of the Fed’s headquarters, adding that this was a result of the Fed’s refusal to cut interest rates as quickly as President Trump had requested.
President Trump said Cuba would not receive oil from Venezuela. But the Caribbean island pushed back against President Trump’s threat to strike a deal with the United States. Separately, President Trump on Friday signed an executive order aimed at blocking the seizure of Venezuelan oil revenues held in U.S. Treasury accounts.
The S&P 500 and Dow hit new highs at the close. Major U.S. indexes rose on Friday, marking a strong week. Asia-Pacific markets were mostly up on Monday, while oil prices rose and spot gold prices hit an all-time high.
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