Iran has escalated its campaign to disrupt oil supplies in the Middle East, striking ships off the coasts of Dubai, Iraq, and Bahrain over a 24-hour period. The U.S. has rejected requests to escort civilian ships through the Strait of Hormuz, citing eased tensions with Iran.
The conflict is causing widespread disruption to oil supply, with international energy agencies warning of the biggest-ever impact on global energy markets. Oil futures have surged above $100 in response to the trouble in the region.
Meanwhile, Israel launched airstrikes against Hezbollah targets after the Lebanese militia fired dozens of rockets at its territory. Saudi Arabia, Dubai, and Kuwait also reported being targeted by drone attacks. The U.S. has tapped its Strategic Petroleum Reserve to release 172 million barrels of oil into the global market.
Source: https://www.wsj.com/livecoverage/us-israel-iran-war-2026