The International Energy Agency warned on Thursday that the world is facing the worst oil supply disruption in history.
Oil prices have surged past $100 a barrel again after more fuel tankers were struck by explosive-laden boats in a suspected Iranian attack this morning.
Two tankers were ablaze in Iraqi waters on Thursday after what appeared to be Iranian strikes, as Iran warned the world should be ready for oil to hit $200 a barrel.
An Iraqi official told state media that its oil ports "have completely stopped operations." Other countries have moved vessels out of the area as a precaution.
Three crew members are still believed to be trapped on a Thai-flagged bulk carrier hit in the Strait of Hormuz on Wednesday.
As oil markets felt the impact of the war on global trade, Donald Trump insisted that the US had won the war but didn’t want to have to go back every two years.
“We don’t want to leave early do we?” he said on Wednesday. “We got to finish the job.”
Meanwhile, Israel said it would be expanding operations in Lebanon and “take” territory due to what it said were threats by Hezbollah.
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Explosive boats set fuel tankers ablaze in Gulf as Iran ramps up threats on global shipping
At least one person was killed as explosive-laden boats set ablaze two fuel tankers off the coast of Iraq in a drastic escalation in attacks on global shipping in the Gulf.
Iran has ramped up its blistering attacks on international shipping in recent days, threatening to more than double global oil prices with its tightly enforced blockade of the vital Strait of Hormuz.
The Marshall Islands-flagged Safesea Vishnu and the Malta-flagged Zefyros, which had loaded fuel cargoes in Iraq, were struck in the channel at dawn, bringing the number of attacks since the Iran crisis erupted to at least 16.
James C Reynolds reports:
Explosive boats attack tankers in Gulf as Iran ramps up threats on global shipping
Iran continues to claim attacks on commercial ships and lay mines in an effort to squeeze international energy markets and pile pressure onto the USMaira Butt12 March 2026 11:45
Israel says it has targeted key Iranian nuclear site
The Israeli military says it has targeted a site critical to Iran’s plans to develop nuclear weapons.
In a post on X, the army said it had struck the Taleghan site, a facility at the Parchin military complex around 20 miles from Tehran, which it claims was being used “to advance critical capabilities in developing nuclear weapons”.
Iran has repeatedly said it has no intention of developing a nuclear weapon.
The plant was previously attacked by Israel in October 2024.
In pictures: Aftermath of strikes on Iraqi oil tankers
Israel will 'take territory' in Lebanon, says defence minister
Israeli defence minister Israel Katz has said that Israel will effectively annex territory in Lebanon as the president and government “does not know how to control the territory”.
“I warned the Lebanese president that if the Lebanese government does not know how to control the territory and prevent Hezbollah from threatening the northern settlements and firing at Israel – we will take the territory and do it ourselves,” he said in a statement on Thursday.
“The Prime Minister and I have instructed the IDF to prepare to expand IDF activity in Lebanon and restore peace and security to the northern communities.”
Iran sets three conditions to end war
President Masoud Pezeshkian has outlined three conditions that must be met in order for the US-Israeli war on Iran to end.
“The only way to end this war—ignited by the Zionist regime & US—is recognizing Iran’s legitimate rights, payment of reparations, and firm int’l guarantees against future aggression,” he wrote in a post on X on Wednesday.
Projectile fragments hit German shipping container
Projectile fragments have hit a container belonging to the German shipping company, Hapag-Lloyd.
The debris is said to have hit the container vessel named Source Blessing near the Strait of Hormuz where fighting has intensified.
3.2 million people displaced inside Iran, says UN
The United Nations Refugee Agency has said that up to 3.2 million people have been displaced inside Iran since the outbreak of war on 28 February.
Humanitarian groups also warn that up to one million people have been displaced in Lebanon.
Australia tells non-essential diplomats to leave Israel
Australia has told “non-essential” diplomats to leave Israel and the United Arab Emirates, Foreign Minister Penny Wong said in a statement on Thursday.
Essential officials would remain in both Israel and the UAE to support Australian citizens who need it, Wong said on X.
Watch: Fuel tankers erupt in flames after Iranian boat attacks in Gulf
Where were two fuel tankers struck by Iranian forces near Iraq?
Two tankers were ablaze in Iraqi waters overnight. The vessels were just off the coast of Iraq, near Basra.
