Iran Warns of Broader Retaliation as Oil Markets Brace for Damage

WHO:

Al Jazeera - Iranian officials and military figures discussed preparations for a possible renewed conflict with the United States and Israel, including Supreme Leader Mojtaba Khamenei, IRGC spokesman Hossein Mohebbi, and Army spokesman Mohammad Akraminia.

Al Jazeera - Hossein Kanani Moghaddam, a former senior IRGC commander, said Iran’s target database, missile range and accuracy, warheads, and drone capabilities had improved.

Al Jazeera - Hamzeh Rahim Safavi, a state-linked analyst and son of former IRGC commander Yahya Rahim Safavi, attributed Iran’s losses to “intelligence weakness.”

Al Jazeera - Esmaeil Kowsari, a former IRGC division commander and parliamentary national-security commission member, said Iran’s adversaries had not achieved their main goals.

Fortune - Ayatollah Mojtaba Khamenei said Iran’s response would be “without any geographical limitations” and called for updating targets to include “all kinds of financial and non-financial assets.”

Fortune - Hamidreza Azizi, senior Iran analyst at Crisis Group, said Iran was shifting toward a more offensive approach intended to impose costs on adversaries.

Reddit Conspiracy - A Reddit user speculated that nuclear weapons might be used against Iran; the post offered no evidence for that claim.

WHAT:

Al Jazeera - Iranian military representatives warned that another all-out war could last longer and cost more than the United States and Israel expect.

Al Jazeera - Mohebbi said the IRGC was “100 percent ready”; Akraminia said Iran would use asymmetric warfare and equipment and tactics developed during a ceasefire.

Al Jazeera - Iranian state television showed an underground drone production line and an upgraded Arash attack drone, which authorities said had a doubled, 100kg warhead and improved guidance.

Al Jazeera - A Reuters investigation cited by the article said Iranian-linked agencies obtained military imports from China, Russia, and Germany, including rocket propellants, explosives, detonators, titanium, and heavy-duty trucks.

Fortune - Trump said he was contemplating “another little Epic Fury”; the article reported that the United States had sent a third aircraft carrier and Marine expeditionary unit to the Middle East.

Fortune - Iran has warned that undersea internet cables and data centers could be targets. The article also reported that a foiled attack on a British air base used by U.S. forces was attributed to Tehran.

Fortune - Iran has thousands of missiles and drones; the article said U.S. interceptor stocks were critically low and newer Iranian missiles had demonstrated an ability to evade air defenses.

Fortune - Amir Handjani of the Quincy Institute said further fighting could damage infrastructure and market confidence for a generation.

Fortune - The article cited a $6.3 billion Binance cryptocurrency heist attributed to North Koreans and a Pentagon investigation into whether hackers targeted freezers on U.S. military bases.

WHERE:

Al Jazeera - The article discussed possible attacks affecting Iran, Israel, the United States, the Strait of Hormuz, and areas beyond West Asia.

Fortune - Potential targets and consequences discussed included the Middle East, Latin America, Europe, the Persian Gulf, and global financial and communications infrastructure.

WHY:

Al Jazeera - Iranian officials described preparations as a deterrent to renewed U.S. and Israeli attacks; Kowsari said adversaries sought to overthrow Iran’s government and fragment the country.

Fortune - Azizi said Tehran aimed to make another attack costly and unpredictable and to avoid a repeat of negotiations or ceasefires followed by renewed fighting.

HOW:

Al Jazeera - Officials described plans to use expanded target intelligence, improved missiles and drones, new equipment, and asymmetric tactics.

Fortune - Khamenei’s statement included possible attacks on financial and non-financial assets; the article also described cyberattacks and threats to data infrastructure as potential means of retaliation.

(UPDATED November 3, 2026 01:10 UTC)

Iranian officials say they’re preparing for renewed conflict, with improved missiles and drones. They warn another war could last longer and cost more than expected. Tehran threatens broader retaliation, while President Trump considers another strike.