Iran draws up target list after vow

The supreme leader, Mojtaba Khamenei, pledged retaliation on July 11 and ordered security officials to draw up a list of potential targets, officials said. The move follows the killing of his father, officials said, and increases the risk that a fragile ceasefire with the United States could unravel.

Former President Donald Trump warned of 1,000 missiles in public comments, officials said, an assertion that adds pressure to diplomatic channels and to commanders on both sides.

Mojtaba Khamenei's target list

Officials described the instruction as a directive to military and intelligence leaders to prepare options rather than an immediate strike order. That framing keeps a window open for either de‑escalation through backchannel diplomacy or a rapid operational decision if leaders choose to act.

The developments sharpen several short-term market and strategic fault lines. Investors will watch oil prices, regional sovereign credit spreads, and flows into traditional safe havens such as gold and the dollar. Insurance and shipping costs for Gulf routes could rise if strikes or counterstrikes threaten logistics, officials said.

A clear trigger will be any confirmed strike or public release of the target list. Watch the coming days: by July 15, 2026, statements from military commands or verified reports of kinetic action will determine whether this episode stays rhetorical or becomes a wider confrontation.