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Who’s Responsible for the Bombing in Iran?

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Who’s Responsible for the Bombing in Iran?

Author: Greg Valliere

January 4, 2024

WHO’S RESPONSIBLE FOR THE ATTACK IN IRAN? That was a dominant issue in Washington yesterday, as about 100 Iranians were killed at a memorial service in the city of Kerman for Iran’s former top general, Qassim Suleimani.

WITH IRAN VOWING RETRIBUTION AGAINST ISRAEL AND THE U.S., the region seems to be veering out of control, with the Israeli-Hamas war and naval confrontations on the Red Sea threatening a spike in oil prices this winter.

BUT INTELLIGENCE EXPERTS DON’T THINK ISRAEL OR THE U.S. were responsible for yesterday’s terrorism. They say the attack bore the hallmarks of terrorist groups, not of Israel or the U.S. Some U.S. officials said privately that ISIS may have been responsible for the attack.

BUT IRAN APPARENTLY HAS DECIDED to blame Israel, regardless of the evidence, and is prepared to strike anywhere in the region, from the Red Sea to southern Lebanon, where Hezbollah is increasingly powerful.

U.S. INTELLIGENCE EXPERTS counter that the bombing was not in keeping with Israel’s usual methods when striking Iran. While Israel has regularly carried out covert operations in Iran, they have been targeted against specific individuals, like Iranian scientists or officials, or at nuclear or weapons facilities.

ANALYSTS SAID THERE ARE NUMEROUS POSSIBILITIES for who might have attacked the cemetery in Kerman, including Sunni Muslim terrorist organizations like the Islamic State or Iranian separatist groups. Iran has faced numerous attacks in the past, including from separatist groups and Sunni extremists.

THIS CAME JUST DAYS AFTER the assassination in Beirut of Saleh Arouri, an exiled Hamas official who acted as a liaison with Iran and Hezbollah. More targeted hits are likely, raising the threat of a widening war and oil price instability.


The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

For further information, please visit AGF.com.

©2025 AGF Management Limited. All rights reserved.

Written by

Greg Valliere

Greg Valliere

Chief U.S. Policy Strategist

AGF Investments

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