Iranian officials have issued repeated threats since mid-October 2026 to target undersea cables in the Strait of Hormuz if the United States or Israel resume strikes amid the ongoing regional conflict that began in February. Revolutionary Guard spokesmen and senior security figures explicitly referenced seven major cables carrying regional internet and commercial traffic, with statements warning of “no more red lines” and potential interference with repairs. On November 6, reports detailed Iran-linked vessels, including U.S.-sanctioned tankers, loitering and altering course over cable routes in the Gulf of Oman in late October, behavior consistent with reconnaissance. These developments coincide with post-midterm signals of possible U.S. escalation. Traders currently price the probability of confirmed physical damage by Iran or proxies by year-end at approximately 13 percent, viewing the threats as conditional and the risk of execution as limited.