Smoke rises following a strike on the Bapco Oil Refinery, amid the US-Israeli war on Iran, on Sitra Island in Bahrain, March 9, 2026 [Reuters]
On the 12th day of the United States-Israel-Iran war, oil prices continue to soar, prompting the International Energy Agency (IEA) to announce the release of 400 million barrels of oil from its emergency reserves to meet the global demand and supply imbalance.
The war, which started on February 28, led to the unofficial closure of the Strait of Hormuz, the critical water passageway through which over 20 per cent of global oil and natural gas ships pass. Iran had declared it would not hesitate to fire on moving ships, forcing operators across the region to shut down.
IEA members hold emergency stockpiles of more than 1.2 billion barrels, with a further 600 million barrels of industry stocks held under government obligation.
This is the sixth time IEA has decided to release its stock since its formation in 1974. Earlier collective releases were carried out in 1991 during the first Gulf War, 2005 after Hurricane Katrina in the United States, 2011 during the Libya conflict, and twice in 2022 following Russia’s invasion of Ukraine.
US President Donald Trump praised IEA’s decision, calling it a “tremendous impact.” He was speaking at the G7 meeting chaired by French President Emmanuel Macron. “I think we are having a tremendous impact, unbelievable actually, on the world,” he said.
Trump yet again indicated that the war with Iran could end “soon,” and it is “going good.”
“There is practically nothing left to target. Our forces have inflicted more damage than expected. We are way ahead of the timetable. We have done more damage than we thought possible, even in the original six-week period,” he told US news outlet Axios.
Later, while addressing reporters in the White House, Trump claimed Iran’s navy, anti-aircraft systems, radars and leadership have been destroyed.
“And we could do a lot worse. What is left standing in that country could be taken out in an hour. They literally would never be able to build that country back,” he said.
Trump yet again deflected a question posed by a reporter on the strike of girl elementary school in Iran that killed 175 people, saying he has no idea about it.
Spokesperson of the Khatam al-Anbiya military command headquarters, Ebrahim Zolfaqari, said that the United States cannot control oil prices as it claims to be and forewarned that prices will only soar.
“Get ready for the oil barrel to be at USD 200 because the oil price depends on the regional security, which you have destabilised. We won’t allow even one litre of oil to reach the US, [Israel] and their partners. Any vessel or tanker bound to them will be a legitimate target,” he said.
The Islamic Revolutionary Guard Corps (IRGC) fired on and stopped two vessels in the Strait of Hormuz after they ignored warnings. In a statement, the IRGC said the ship, which it described as owned by Israel and flying the Liberian flag, and another vessel were targeted after they “illegally insisted on passing through the Strait of Hormuz.”
Earlier, it was reported that a Thai-flagged bulk carrier, Mayuree Naree, was hit by a projectile while sailing through the Strait of Hormuz.
According to the Ministry of External Affairs, the ship was bound for the Kandla port in Gujarat. In a statement, the Government of India strongly condemned targeting commercial ships and endangering innocent lives.
“India reiterates that targeting commercial shipping and endangering innocent civilian crew members, or otherwise impeding freedom of navigation and commerce, should be avoided,” the statement read.
Sports Minister Ahmad Donyamali has said that Iran would not participate in the 2026 FIFA World Cup, jointly hosted by the United States, Mexico and Canada.
“Considering that this corrupt regime [the US] has assassinated our leader, under no circumstances can we participate in the World Cup,” he told state television.
“Our children are not safe and, fundamentally, such conditions for participation do not exist,” Donyamali said.
Earlier, FIFA President Gianni Infantino assured Iran that its national football team is welcome in the US, despite the ongoing conflict. He said he was assured by Trump that no harm would come to the team.
“Given the malicious actions they have carried out against Iran, they have forced two wars on us over eight or nine months and have killed and martyred thousands of our people. Therefore, we certainly cannot have such a presence,” Donyamali said.
Iraqi Prime Minister Mohammed Shia al-Sudani spoke to President Masoud Pezeshkian and condemned the war against Iran.
According to the Iraqi prime minister’s office, al-Sudani also offered condolences following the death of Iran’s former Supreme Leader Ayatollah Ali Khamenei.
“Iraq would not allow its territory to be used as a launch point for attacks against Iran,” he said.
Iran’s Education Minister Alireza Kazemi said 206 students and teachers have been killed and 161 others injured since the start of the conflict, according to the state news agency Islamic Republic News Agency.
Kazemi made the remarks on the sidelines of a funeral ceremony for military commanders killed in the ongoing war, saying the casualties occurred in joint US-Israeli attacks launched late last month.
At least 52 schools and five medical centres have been damaged in US and Israeli strikes in Iran’s Lorestan province, Tasnim News Agency cited its Governor. “More than 2,500 residential and commercial units across 10 counties in the province have been destroyed. Additionally, 13 sports centres and two bases of the Iranian Red Crescent Society and rescue services were struck during the bombardment,” he said.
The death toll in Lebanon since March 2 has risen to 634, according to AL Jazeera.
United Nations Humanitarian Chief Tom Fletcher said more than 120,000 Lebanese, including thousands of children, are displaced, taking refuge in 580 collective shelters. “Lebanon’s shelter capacity is severely overstretched. Many of them are overcrowded and lack adequate sanitation and basic supplies,” Fletcher said.
Such conditions increase the risk of harassment, sexual violence, exploitation, abuse and trafficking, particularly for women and girls, he said.
Israel continues to launch air strikes on Lebanon and forces people to move towards the south. At least 21 people have been killed so far on Wednesday.
Authorities in the UAE said a fire that broke out at Abu Dhabi Old Airport has been brought under control. In a statement, the Abu Dhabi Media Office said the blaze occurred after a “successful interception by air defence systems”. Officials did not specify the type of projectile involved or its origin.
This post was last modified on March 11, 2026 10:55 pm