US-Israel Conflict with Iran Intensifies, Oil Prices Surge

Mar 12, 2026

60 min

Mar 12, 2026 02:30

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

## Rising Tensions and Oil Prices

The ongoing conflict involving the US, Israel, and Iran has led to a significant increase in global oil prices, with crude oil seeing a rise of over 5%. This surge is attributed to the geopolitical instability affecting oil supply routes.

## UAE's Defensive Measures

The United Arab Emirates has successfully intercepted 92% of 270 missiles and 94% of 1,475 drones over 11 days. Despite these threats, UAE authorities have assured residents that the situation is under control and safe.

## Regional and International Reactions

The UN Security Council has condemned Iran's attacks on Gulf nations, urging an immediate halt. The UAE has also condemned an Iranian drone attack on Oman's Salalah port, which damaged several fuel tanks.

## US Military Actions

The US has intensified its military operations, targeting Iranian naval assets near the Strait of Hormuz. President Trump has stated that Iran is nearing defeat but warned of potential escalations.

## Impact on Oil Markets

The US plans to release 172 million barrels from its strategic reserves to stabilize the market. Meanwhile, the International Energy Agency announced a release of 400 million barrels from global reserves to counteract the disruptions.

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