The Collapse of Iran’s Currency Triggers a Familiar, Dangerous Spiral

As missiles struck some of the most critical oil and gas facilities in the Persian Gulf, sending shockwaves through global energy markets, Azerbaijan found itself aligned — not militarily, but politically — with a broad group of Arab and Muslim-majority nations calling for restraint.

For more than three decades, relations between Azerbaijan and Turkey have been defined by a phrase that carries both political and emotional meaning: “One nation, two states.” The slogan symbolizes a strategic partnership based on a shared language, history and security interests.

The emergence of Mojtaba Khamenei as Iran’s supreme leader has further heightened tensions in an already expanding regional conflict. His first aggressive statement on Thursday signaled that Tehran appears to be preparing for a prolonged confrontation rather than a rapid de-escalation.

The widening conflict between Iran and a U.S.–Israeli coalition is showing signs of turning into a prolonged regional war, as initial expectations in Washington that air strikes would quickly weaken Tehran’s leadership appear increasingly unrealistic.