DUBAI, United Arab Emirates — On Saturday, Iran’s supreme leader, Ayatollah Ali Khamenei, issued a strong warning to Israel and the U.S., threatening “a crushing response” for attacks on Iran and its allies.

Khamenei’s statement comes as Iranian officials have been increasingly vocal about retaliating against Israel following its October 26 attack on Iranian military bases and other locations, an attack that resulted in the deaths of at least five individuals.

Any further attacks from either side have the potential to escalate into a wider regional conflict, given the already tense situation in the Middle East due to the Israel-Hamas war in Gaza and Israel’s ground invasion of Lebanon. This escalation is particularly worrisome as it coincides with the upcoming U.S. presidential election on Tuesday.

“The enemies, whether the Zionist regime or the United States of America, will definitely receive a crushing response to what they are doing to Iran and the Iranian nation and to the resistance front,” Khamenei stated in a video released by Iranian state media.

While Khamenei did not provide details about the timing or scope of the threatened attack, it is important to note that the U.S. military maintains a presence on bases throughout the Middle East, with some troops now stationed in Israel, manning a Terminal High Altitude Area Defense (THAAD) battery.

The USS Abraham Lincoln aircraft carrier is currently believed to be in the Arabian Sea, and on Friday, Pentagon press secretary Maj. Gen. Pat Ryder announced that additional destroyers, fighter squadrons, tankers, and B-52 long-range bombers would be deployed to the region as a deterrent against Iran and its militant allies.

Previously, the 85-year-old Khamenei had adopted a more cautious tone, suggesting that Iran would carefully consider its response to the Israeli attack, stating that the incident “should not be exaggerated nor downplayed.” Iran has launched two significant direct attacks on Israel in April and October.

However, Iran’s attempts to downplay the impact of the Israeli attack were undermined by satellite photos analyzed by The Associated Press, which revealed damage to military bases near Tehran, specifically those linked to the country’s ballistic missile program, as well as a Revolutionary Guard base used for satellite launches.

Iran’s allies, collectively referred to as the “Axis of Resistance” by Tehran, have also been significantly impacted by ongoing Israeli attacks, particularly Lebanon’s Hezbollah and Hamas in the Gaza Strip. Iran has long relied on these groups as a means of asymmetrically attacking Israel and as a defensive shield against a direct assault. Some analysts believe these groups are urging Iran to provide more significant military support.

Nevertheless, Iran is grappling with its own domestic challenges, facing a struggling economy burdened by international sanctions and enduring years of widespread, multifaceted protests. Following Khamenei’s speech, the Iranian rial plummeted to 691,500 against the dollar, nearing an all-time low. It is noteworthy that the rial was valued at 32,000 against the dollar when Tehran signed its 2015 nuclear deal with world powers.

In an interview published by the semiofficial Fars news agency shortly before Khamenei’s remarks were released, Gen. Mohammad Ali Naini, a spokesperson for Iran’s paramilitary Revolutionary Guard, which controls the ballistic missiles capable of targeting Israel, issued a warning. He stated that Iran’s response “will be wise, powerful and beyond the enemy’s comprehension.”

“The leaders of the Zionist regime should look out from the windows of their bedrooms and protect their criminal pilots within their small territory,” he cautioned. Israeli air force pilots are believed to have used air-launched ballistic missiles in the October 26 attack.

On Saturday, Khamenei met with university students to commemorate Students Day, marking the November 4, 1978, incident where Iranian soldiers opened fire on students protesting the rule of the shah at Tehran University. The shooting resulted in casualties and further escalated tensions in Iran at the time, ultimately leading to the shah’s departure from the country and the 1979 Islamic Revolution.

The crowd enthusiastically welcomed Khamenei with cheers, chanting: “The blood in our veins is a gift to our leader!” Some also made a hand gesture — similar to a “timeout” signal — previously used by the late Hezbollah leader Hassan Nasrallah in a 2020 speech where he threatened that American troops who arrived in the Middle East standing up would “return in coffins” horizontally.

This Sunday, Iran will observe the 45th anniversary of the U.S. Embassy hostage crisis, according to the Persian calendar. The November 4, 1979, storming of the embassy by Islamist students triggered a 444-day crisis that solidified the long-standing animosity between Tehran and Washington, which persists today.