Oil pumpjack operating in an oil field at sunset. (Photo: AFP)
The United States–Israeli war on Iran entered its 13th day on Thursday, March 12, as Washington announced plans to release 172 million barrels of oil from its Strategic Petroleum Reserve in an effort to ease surging global energy prices.
US Energy Secretary Chris Wright said the release forms part of a coordinated effort led by the International Energy Agency (IEA) to stabilise global energy markets amid supply disruptions linked to the conflict.
The 32-member IEA agreed to release a record 400 million barrels of emergency oil reserves to help offset supply shocks affecting global markets. Wright said the US share of the release will begin next week and will take about 120 days to complete.
Global oil prices climbed sharply as the conflict intensified across the Middle East. Brent crude futures rose more than 6 percent to USD 97.60 per barrel, reflecting market concerns about potential disruptions to supplies from the region.
US President Donald Trump welcomed the coordinated release of emergency reserves, saying the move would help reduce pressure on energy markets while military operations continue.
Speaking at a political rally in Kentucky, Trump said the release of strategic reserves would “substantially reduce oil prices” as the United States and its allies pursue their military objectives.
Fighting continued across several fronts as Iran and the Lebanese group Hezbollah launched coordinated missile and rocket attacks on northern Israel, causing injuries and damage to buildings, according to regional media reports.
In response, Israeli forces carried out successive air strikes on Beirut’s southern suburbs and other areas in Lebanon, targeting what the military described as Hezbollah infrastructure.
An Israeli military official told The Washington Post that Israel has conducted more than 6,000 air strikes on around 3,400 targets inside Iran since the conflict began.
Iran’s Islamic Revolutionary Guard Corps (IRGC) said it launched strikes on 50 targets in Israel as part of a new wave of retaliatory operations.
Meanwhile, US Central Command said it continues daily operations targeting Iran’s ballistic missile and drone capabilities, reporting that more than 5,000 targets inside Iran have been struck.
The conflict has also imposed significant financial costs on Washington. Officials from President Donald Trump’s administration told lawmakers during a congressional briefing that the first six days of the war on Iran cost the United States at least USD 11.3 billion, according to Reuters.
Separate estimates cited by Bloomberg said the US used as much as USD 4 billion worth of munitions in the first 72 hours of strikes, including hundreds of cruise missiles and air defence interceptors
Several Gulf countries reported intercepting incoming missiles and drones as the conflict spills across the region.
The UAE Ministry of Defence said its air defence systems engaged 13 missiles and 39 drones launched from Iran on March 11, including six ballistic missiles and seven cruise missiles. Authorities said four people were injured when two drones fell near Dubai International Airport.
A separate drone fell on a building near Dubai Creek Harbour, causing a minor fire, according to the Dubai Media Office. Residents were evacuated as a precaution before the fire was brought under control, and no injuries were reported.
Since the conflict began on February 28, the UAE said it has intercepted 268 ballistic missiles, 15 cruise missiles and 1,514 drones.
Saudi Arabia’s defence ministry said its forces intercepted drones over the kingdom’s eastern region, while Kuwait’s government said its air defences shot down several ballistic missiles directed towards the country’s southern territory.
Qatar’s defence ministry said nine ballistic missiles and several drones were launched towards the country, though most were intercepted and one fell in an uninhabited area.
Concerns over global energy supply increased after two foreign oil tankers carrying Iraqi fuel were attacked near the port of Al Faw in Iraqi territorial waters.
Iraqi port officials told Reuters that one crew member was killed and more than 20 others were evacuated after both vessels caught fire following the attack.
Separate incidents were reported at Oman’s port of Salalah, where drones struck fuel storage tanks, while another vessel was hit in the Strait of Hormuz, a key route for global oil shipments.
Following the tanker attacks, Iraqi authorities said operations at oil export terminals were halted, although commercial ports remain operational.
The United Nations Security Council adopted a resolution sponsored by the Gulf Cooperation Council demanding that Iran stop attacks against Gulf nations.
The resolution passed with 13 votes in favour and two abstentions, warning that the strikes threaten international peace and security.
Spain has decided to withdraw its ambassador to Israel, according to the country’s official state gazette, amid rising diplomatic tensions and criticism of US-Israeli actions in Iran. Spain’s embassy in Tel Aviv will continue operating under a chargé d’affaires.
Switzerland has also temporarily closed its embassy in Tehran due to increasing security risks linked to the conflict. The Swiss ambassador and five staff members left Iran by land on March 11 and are now safely outside the country, the Swiss Foreign Ministry said.
Iran’s ambassador to the United Nations criticised the decision, saying the resolution ignored what Tehran described as the root causes of the conflict.
Iranian President Masoud Pezeshkian said Tehran remains committed to regional peace but insisted the war can only end if Iran’s “legitimate rights” are recognised.
In a post on X, he said any settlement must include recognition of Iran’s rights, payment of reparations and international guarantees against future attacks.
Iranian Foreign Minister Abbas Araghchi condemned an attack on a branch of Iran’s oldest bank, saying the building was hit while employees were inside.
“Iran’s national infrastructure is under attack,” Araghchi said in a post on X, adding that the country’s armed forces would respond.
Humanitarian agencies warn the conflict is placing growing strain on healthcare systems.
World Health Organization Director-General Tedros Adhanom Ghebreyesus said 49 primary healthcare centres and five hospitals in Lebanon have closed following evacuation orders linked to the fighting.
Tedros said the WHO has verified 18 attacks on health facilities in Iran, 25 in Lebanon and two in Israel since the escalation began.
According to the WHO, more than 100,000 people have been displaced in Iran and up to 700,000 in Lebanon, raising concerns over access to medical care, clean water and sanitation.
The coordinated release of emergency oil reserves marks the largest drawdown in the history of the International Energy Agency, highlighting growing concern among governments over the war’s impact on global energy supplies.
Analysts say continued attacks on shipping routes, ports and fuel facilities could push prices higher if the conflict escalates further.
For now, governments are relying on strategic reserves and coordinated international action to stabilise markets while diplomatic efforts continue to contain the crisis.
This post was last modified on March 12, 2026 9:16 am