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Iran is ready for a more intense war and will step up counterstrikes if the US keeps attacking its territory and infrastructure, a senior Iranian official told Bloomberg. Tehran has no intention of backing down in the face of an American naval blockade and strikes on its oil tankers, said the official, who asked not to be identified discussing sensitive matters, adding that while economic pain is increasing, the country's leaders see the war with the US as an existential threat that leaves little choice but to keep fighting. The comments come as hostilities show little sign of easing in the war's seventh month: Washington said one of its warships had to evade an Iranian attack overnight and that it destroyed five Iranian energy tankers in response, after which Tehran fired around 20 missiles at a Jordanian airbase used by the US and attacked more Navy and commercial vessels.

On Wednesday, President Donald Trump played down concerns about rising oil prices and said the war would be over in weeks, telling reporters he thinks it will "end immediately after the election because they can't hold out any longer," referring to November's midterms. Still, the Wall Street Journal reported that top US officials including Vice President JD Vance and Secretary of State Marco Rubio have raised the prospect that Iran may not yield and the conflict could stretch through the rest of Trump's term, which ends in January 2029. The senior official said Iran has been rebuilding its military since the most intense fighting ended in April and has enough missiles for a lengthy conflict.

The tit-for-tat attacks have pushed energy prices higher, with Brent crude climbing above $100 a barrel Wednesday and extending its gain this year to around 65%, while US diesel pump prices hit a record last week — adding pressure on Trump before the Nov. 3 midterms. Bloomberg Economics' Dina Esfandiary wrote that many Iranian leaders believe the Trump administration responds only to threats and escalation and is more sensitive to a widening war ahead of the vote. New security chief Mohsen Rezaee said Iran has recalibrated its posture toward US ships and bases, while parliament speaker Mohammad Bagher Ghalibaf warned the era of "proportionate responses" was over.

The war, which erupted when the US and Israel began strikes on Iran in late February, has settled into a stalemate as both sides jockey for control of the Strait of Hormuz, with no official peace talks in months. Wary of higher fuel prices and depleted interceptor stocks, the US is trying to avoid a return to full-on fighting and is instead squeezing Iran's economy through the blockade and threats against those that keep ties with Tehran, aiming to force Iran to reopen Hormuz and negotiate. The blockade has driven Iranian inflation to almost 90% and is rapidly weakening the rial. Some officials, including President Masoud Pezeshkian, favor talks but insist Washington first lift the blockade and return to the June Memorandum of Understanding, a ceasefire that quickly collapsed. Esfandiary said Iran's elites are debating whether to escalate or resist, but are deciding how to retaliate faster and more efficiently, suggesting a menu of responses aimed at imposing greater costs on the US.

According to Korea Herald, HKET and UDN Money, Asian equities closed mixed on Wednesday, with Seoul leading gains on chip strength while Hong Kong and Tokyo slipped and Taipei and mainland China edged higher.Tokyo's Nikkei 225 ended down 126.55 points, or 0.19%, at 65,142.78, easing after recent advances. Chip-sector names were softer, with Advantest off 2.84% and Tokyo Electron down 0.56%, while Sony fell 0.79%.Seoul's KOSPI rose 97.12 points, or 1.4%, to 7,051.64, as major chipmakers rallied on continued AI optimism. SK hynix jumped 3.51% to 1.86 million won and Samsung Electronics closed flat at 269,500 won. Battery makers advanced, with LG Energy Solution up 6.46% and Samsung SDI up 8.3%, while Hanwha Ocean gained 2.32% after being named preferred bidder for a Royal Thai Navy frigate project worth about $500 million. Daishin Securities analyst Lee Kyoung-min said OpenAI's launch of GPT-6 Astra renewed optimism over AI growth. The won firmed to a 23-month high near 1,336 per dollar.Hong Kong stocks eased, with the Hang Seng Index down 42 points, or 0.17%, at 25,274 on turnover of HK$204.95 billion, while the Hang Seng TECH Index fell 0.8% to 4,420. Lenovo rebounded more than 6% and lens makers Sunny Optical and AAC Technologies each rose over 3% ahead of Apple's product event, while Haidilao dropped 9%. Meituan fell 3.47% to HK$77.80 and Xiaomi lost 2.01% to HK$26.38.Taiwan's TAIEX added 77.58 points, or 0.16%, to close at 47,183.36 after touching an intraday high of 47,548.26, with domestic institutions net buying about NT$22 billion. Chip bellwether TSMC eased 0.2% to NT$2,465.In mainland China, the Shanghai Composite rose 0.28% to 3,951.51, extending gains to a third session, and the CSI 300 added 0.30% to 4,572.60. The Shenzhen Component gained 0.15% while the ChiNext slipped 0.14%.