Global Oil Prices Surge Amid US-Israel Conflict with Iran

Mar 11, 2026

69 min

Mar 11, 2026 16:31

US-Israel war on Iran Day 12: World oil prices rally over 5%; UAE responds to missile threat

## Rising Oil Prices

On the twelfth day of the US-Israel conflict with Iran, global oil prices have surged by over 5%. This increase is largely attributed to the ongoing tensions and disruptions in the Middle East, particularly affecting the Strait of Hormuz, a critical passage for oil shipments.

## UAE's Defensive Measures

The United Arab Emirates has reported a 92% success rate in intercepting 270 missiles over the past 11 days. The UAE's Ministry of Defence also conducted a military funeral for two officers who died in a helicopter crash.

## US Military Actions

The United States has targeted Iranian naval assets near the Strait of Hormuz, while Israel has launched attacks on Hezbollah positions in Lebanon. The US has warned Iran that its civilian ports could be considered military targets due to alleged military activities.

## Iran's Leadership and International Reactions

Iran's new supreme leader, Mojtaba Khamenei, has been injured but is reportedly safe. Switzerland has temporarily closed its embassy in Tehran due to the escalating conflict, maintaining communication channels between the US and Iran.

## Economic and Humanitarian Impact

The International Energy Agency plans to release 400 million barrels of oil from reserves to mitigate the impact of the conflict. Airlines in Asia are raising fares due to increased fuel costs, and the UAE is calling for global action against Iranian missile and drone attacks.

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