Iraq suspended its crude oil port operations on March 12, 2026, following explosive-laden boat attacks on two foreign tankers near the Al Faw and Umm Qasr ports. The maritime strikes are the latest escalation in a regional war that began on February 28, 2026, when a joint United States and Israeli military operation assassinated Iranian Supreme Leader Ayatollah Ali Khamenei.
At least one crew member was killed and 38 others were rescued in the Iraqi port attack. Concurrently, Thai shipping firm Precious Shipping reported three crew members of the Mayuree Naree missing after an Iranian strike in the Strait of Hormuz at 05:10 GMT.
The attacks on commercial shipping have severely disrupted global energy markets, mirroring recent infrastructure targeting where the UAE halted Ruwais refinery operations. Brent crude oil prices have surged past $100 a barrel, marking a 38 percent increase since the conflict initiated.
The price surge effectively nullified the International Energy Agency’s historic release of 400 million barrels from strategic reserves. Iran has publicly warned it could drive the price to $200 a barrel. U.S. President Donald Trump stated he would protect oil tankers navigating the Strait. Projectiles and drones have additionally impacted a container ship near Jebel Ali in the United Arab Emirates, fuel tanks in Bahrain, and residential zones in Kuwait, while Saudi Arabia intercepted drones bound for the Shaybah oilfield.
Iranian President Masoud Pezeshkian outlined three strict conditions to end the war. Tehran is demanding the recognition of its legitimate rights, the payment of war reparations, and firm international guarantees against future aggression.
Combat operations continue across multiple fronts. Israel conducted a double-tap strike on displaced individuals sheltering at Beirut’s waterfront, killing at least eight people and wounding 31. Hezbollah responded with coordinated drone and missile attacks targeting Israeli military bases near Tel Aviv and Haifa.
The Pentagon estimated the U.S. cost of the war at over $11.3 billion for the first six days of combat. Over 1,200 to 1,300 Iranians have been killed and over 10,000 wounded since February 28. UNICEF reported over 1,100 children have been killed or injured region-wide.