Berliner Boersenzeitung - Iran's revenge rewired

EUR -
AED 4.32145
AFN 75.308617
ALL 95.344815
AMD 432.885163
ANG 2.106168
AOA 1080.216545
ARS 1644.790435
AUD 1.62497
AWG 2.121013
AZN 1.96537
BAM 1.95566
BBD 2.370251
BDT 144.659675
BGN 1.962866
BHD 0.444172
BIF 3503.013705
BMD 1.176706
BND 1.494325
BOB 8.13142
BRL 5.767629
BSD 1.176836
BTN 112.105428
BWP 15.823005
BYN 3.290993
BYR 23063.437841
BZD 2.366861
CAD 1.608133
CDF 2665.23869
CHF 0.916325
CLF 0.026653
CLP 1048.97409
CNY 8.002484
CNH 7.995035
COP 4405.716748
CRC 539.366086
CUC 1.176706
CUP 31.182709
CVE 110.211708
CZK 24.33328
DJF 209.568604
DKK 7.472689
DOP 69.675619
DZD 155.645536
EGP 62.132784
ERN 17.65059
ETB 183.753846
FJD 2.570456
FKP 0.863046
GBP 0.864932
GEL 3.147731
GGP 0.863046
GHS 13.286165
GIP 0.863046
GMD 86.489882
GNF 10326.394586
GTQ 8.981581
GYD 246.144523
HKD 9.212743
HNL 31.292032
HRK 7.533033
HTG 154.022279
HUF 355.96887
IDR 20489.393439
ILS 3.422508
IMP 0.863046
INR 112.08566
IQD 1541.709613
IRR 1543249.935145
ISK 143.805346
JEP 0.863046
JMD 185.658326
JOD 0.834331
JPY 184.89523
KES 151.983825
KGS 102.902841
KHR 4721.66299
KMF 491.863379
KPW 1059.03536
KRW 1733.232385
KWD 0.362296
KYD 0.980738
KZT 545.225718
LAK 25816.376745
LBP 105385.873658
LKR 379.076165
LRD 215.367373
LSL 19.341984
LTL 3.474507
LVL 0.711777
LYD 7.443595
MAD 10.729934
MDL 20.170732
MGA 4892.692362
MKD 61.6406
MMK 2470.52538
MNT 4208.732973
MOP 9.490444
MRU 46.991045
MUR 54.987238
MVR 18.123661
MWK 2040.671689
MXN 20.259042
MYR 4.615631
MZN 75.203378
NAD 19.341984
NGN 1605.721178
NIO 43.308749
NOK 10.829465
NPR 179.367722
NZD 1.978702
OMR 0.452325
PAB 1.176816
PEN 4.043011
PGK 5.111722
PHP 71.930848
PKR 327.840572
PLN 4.239825
PYG 7233.452974
QAR 4.299921
RON 5.210927
RSD 117.376466
RUB 86.961918
RWF 1721.091783
SAR 4.414745
SBD 9.436514
SCR 16.472104
SDG 706.593251
SEK 10.874763
SGD 1.493969
SHP 0.87853
SLE 29.005976
SLL 24674.932214
SOS 672.557712
SRD 44.007618
STD 24355.438695
STN 24.498668
SVC 10.297396
SYP 130.08242
SZL 19.335949
THB 38.147639
TJS 11.015254
TMT 4.118471
TND 3.414478
TOP 2.833226
TRY 53.396924
TTD 7.977498
TWD 36.935979
TZS 3071.203
UAH 51.719148
UGX 4424.721787
USD 1.176706
UYU 46.917313
UZS 14289.162258
VES 587.453968
VND 30976.785774
VUV 139.531196
WST 3.185457
XAF 655.915758
XAG 0.014498
XAU 0.000252
XCD 3.180107
XCG 2.120976
XDR 0.815749
XOF 655.921332
XPF 119.331742
YER 280.791457
ZAR 19.35199
ZMK 10591.767529
ZMW 22.250695
ZWL 378.898856
  • CMSD

    -0.0237

    23.51

    -0.1%

  • NGG

    0.1150

    87.005

    +0.13%

  • BCE

    0.2600

    24.4

    +1.07%

  • RIO

    2.5200

    107.9

    +2.34%

  • GSK

    0.2600

    50.67

    +0.51%

  • JRI

    0.0602

    13.2099

    +0.46%

  • RBGPF

    0.2700

    63.18

    +0.43%

  • RYCEF

    -0.4100

    16.37

    -2.5%

  • BCC

    0.5600

    71.23

    +0.79%

  • CMSC

    -0.0550

    23.055

    -0.24%

  • AZN

    2.5000

    185.35

    +1.35%

  • BP

    0.6300

    43.97

    +1.43%

  • BTI

    1.2400

    59.52

    +2.08%

  • VOD

    0.2300

    16.43

    +1.4%

  • RELX

    0.0020

    33.582

    +0.01%


Iran's revenge rewired




The Middle East has crossed a threshold that diplomats spent decades trying to avoid: a direct, multi‑theatre confrontation in which escalation is no longer measured by deniable sabotage or proxy fire, but by openly declared “major combat operations”, leadership decapitation, and retaliatory strikes that fan out across an entire region.

In the early hours of 28 February, a joint campaign by the United States and Israel began striking targets across Iran. The operation—described by US officials as a concentrated effort to cripple Tehran’s missile and nuclear capabilities—rapidly expanded beyond a single night of raids into a sustained strike programme. Within hours, the most consequential political fact of the crisis crystallised: Iran’s Supreme Leader, Ayatollah Ali Khamenei, was dead, along with a tranche of senior military and security figures.

For Tehran, the death of its paramount leader is more than a symbolic blow. It punctures the central claim of the Islamic Republic’s deterrence model: that its leadership can control the tempo of conflict, calibrate retaliation, and avoid a war that threatens regime survival. Yet what has followed is not simply a conventional quest for revenge. Iran is escalating—but in ways that suggest the next phase may be designed less to “answer” a strike in kind than to widen the battlefield, multiply pressure points, and force adversaries—and their regional partners—into an exhausting, costly posture with no clean off‑ramp.

A weekend that rewrote the rules
By the time the first assessments emerged, the outlines were stark. Strikes targeted a wide range of sites linked to Iran’s military, command infrastructure and strategic programmes. Iran responded with missile attacks aimed at Israel and at US assets in the region, while allied armed groups—long embedded in Tehran’s security architecture—moved to join the fight. Casualty figures, as ever in a fast‑moving war, shifted by the hour; by early March, the toll included American service members killed during the opening days, deaths in Israel from Iranian strikes, and a sharply rising number of fatalities inside Iran from the strike campaign.

The political messages were as dramatic as the military ones. The US President publicly framed the operation not as a limited punitive action but as a decisive move to end a threat. He also urged Iranians to take control of their future—language that, even when paired with official denials of an open‑ended ground war, inevitably sharpened Tehran’s suspicion that the campaign’s real horizon might be broader than the stated targets.

In Tehran, state institutions moved quickly to memorialise the Supreme Leader’s death as a national trauma, announcing an extended mourning period and days of public closure. The government portrayed the killing not merely as an attack on Iran, but as an affront to the wider religious community it claims to lead. Iran’s President vowed justice and retaliation, arguing that accountability was both a right and an obligation.

These signals matter because they illuminate the strategic crossroads Tehran now faces. Iran can retaliate “as Iran”—with missiles, drones, and overt military action—or it can retaliate “as the Islamic Republic”—a system built to fight indirectly, to disperse risk, and to turn regional geography into leverage. Recent days indicate it is attempting both simultaneously.

Escalation, but not symmetry
The most intuitive reading of revenge is symmetry: you strike us, we strike you. Yet Iran’s current approach points to a different logic—one aimed at imposing a regional tax on war itself.

Rather than concentrating its response solely on Israel, Iran has been reported to activate a pre‑existing plan designed for a scenario precisely like this: a sudden leadership shock and sustained external attack. The plan’s essence is dispersion. It seeks to destabilise the wider Middle East and disrupt global markets by widening the target set far beyond the immediate combatants.

In practice, that has meant drone and missile activity across the Gulf, including strikes aimed at energy infrastructure and attacks on US bases and strategic sites across multiple countries. The geographical breadth is not incidental. It pressures governments that have tried to keep the conflict at arm’s length, raises insurance and shipping costs, and feeds market volatility—especially in oil and gas—by creating the perception that supply routes and export terminals could become collateral damage or deliberate targets.

This is why Iran’s revenge could indeed be “different”. It is less about a single spectacular blow and more about sustained friction: making the region feel unsafe, forcing adversaries to defend many sites at once, and turning every partner base or pipeline into a political liability for a host government.

Decapitation and decentralisation
The killing of a Supreme Leader would ordinarily invite paralysis: competing factions, contested succession, and uncertainty within command structures. Instead, Iran appears to have anticipated the risk of decapitation. Reports indicate it has decentralised operational authority so that military units can continue functioning—and even act autonomously—despite leadership losses.

This is a hard lesson of modern conflict: removing commanders does not always remove capability, particularly when a system has trained itself to operate through redundancy and ideology. Decentralisation complicates deterrence because it blurs the line between ordered retaliation and opportunistic escalation. It also raises the risk of miscalculation: if local commanders believe they are empowered to act, an incident can trigger an escalation spiral without a clear political hand on the brake.

For Israel and the United States, this creates a paradox. A campaign intended to degrade Iran’s strategic tools may simultaneously validate Tehran’s long‑held belief that dispersal—across units, across geography, across proxies—is the only sustainable defence. The more the battlefield expands, the more Iran can claim that it is not “losing” but “surviving” by making the war uncontainable.

Why energy and bases matter more than rhetoric
Iran’s strategic leverage has always rested on three overlapping capabilities: missiles and drones that can reach targets across the region; networks of aligned armed groups that can open secondary fronts; and geography that sits astride critical energy routes. In the current crisis, Tehran appears to be drawing on all three. Targeting energy infrastructure does not merely threaten physical assets; it threatens predictability—one of the most valuable commodities in global markets. Even limited disruption can push prices upwards, create political pressure in consumer countries, and strain alliances as governments argue over the costs of continued confrontation.

Similarly, striking US bases is not only a military act but a political one. It forces Washington to respond in a way that risks deeper entanglement, while also testing the political tolerance of host countries that have granted access or basing rights. If a base becomes a magnet for attack, a host government may face domestic pressure to curtail cooperation or publicly distance itself—precisely the kind of diplomatic friction Tehran can use as a weapon.

Allies, proxies, and the widening circle
The entry of Iran‑aligned groups—particularly in Lebanon and Iraq—adds another layer of complexity. These groups can escalate on their own timelines, choose targets that create maximum political impact, and exploit local dynamics that outside powers struggle to control. Their involvement also increases the chances of civilian harm and regional spillover, especially if retaliatory air strikes hit densely populated areas or if armed groups fire from within civilian environments.

For Israel, the prospect of simultaneous pressure from multiple directions has long been central to its threat assessments. For Gulf states, the danger is different: becoming battlegrounds by proximity. For the United States, the risk is the slow creep from a declared, time‑bounded operation into a rolling campaign to protect personnel and bases, respond to new attacks, and maintain credibility. This is how “different revenge” works: it is a method of stretching an opponent’s attention and resources until political cohesion frays.

The fog of war, now amplified by the internet
As missiles fly and leaders die, an older battlefield has returned with a new twist: information. A wave of misrepresented imagery has circulated online since the strikes began, including AI‑generated or repurposed videos falsely presented as evidence of dramatic battlefield outcomes. Some prominent claims—such as the alleged disabling of a US aircraft carrier—have been publicly refuted by US officials. Other viral clips have been traced to simulation footage or to older, unrelated events.

The significance is not only that misinformation spreads. It is that, in a crisis where public opinion matters—where governments must justify casualties, where allies must defend their choices, and where markets react to fear—false narratives can shape behaviour before facts catch up. In that environment, “revenge” does not always look like a missile launch. Sometimes it looks like confusion, panic buying, political pressure, and a public sense that the war is spiralling beyond anyone’s control.

What comes next: a long campaign, not a single strike
The most important question is not whether Iran will retaliate; it already has. The question is what form its continuing retaliation will take—and whether the United States and Israel can contain the conflict to their stated objectives.

Official statements emphasise the destruction of missiles, naval assets, and the prevention of a nuclear weapons capability. They also stress that the operation is not intended to become a prolonged occupation. Yet history offers a caution: even wars that begin with narrow goals can expand when adversaries choose to fight asymmetrically, when allies are attacked, or when domestic politics demands visible results.

Iran’s incentives, meanwhile, have shifted. The death of a Supreme Leader is a profound internal shock. It may strengthen hard‑line impulses, weaken restraint, and elevate the argument that survival requires demonstrating continued capacity to hurt opponents—directly and indirectly. It may also intensify internal power struggles, as competing factions seek to prove resolve and legitimacy. In this setting, Iran’s “different” revenge is best understood not as a single act, but as a strategy: disperse command, widen the theatre, hit the region’s economic nerves, keep adversaries guessing, and force the confrontation to become a regional crisis that nobody can simply walk away from.

The danger is that every day the war continues, the number of potential triggers multiplies: an accidental shoot‑down, a misread radar blip, a strike that hits a sensitive site, or a proxy attack that causes mass casualties. Any one of these can make restraint politically impossible. For now, the shape of the conflict suggests an unmistakable conclusion. Iran is escalating its attacks, but it is also reframing revenge. The aim appears less to mirror the opening strike than to create a landscape in which the costs of continuing—economic, political, and strategic—become intolerably high for everyone involved.