The ongoing Israeli-American war on Iran, for all its complexity and global effects, boils down to a single question: Who can take the pain the longest? A surge in oil prices points to what may be Iran’s most effective weapon and the United States’ biggest vulnerability in continuing the campaign: Damaging the world economy.
Wednesday’s major developments include Iranian attacks against commercial ships across the Persian Gulf and its targeting of Dubai International Airport, escalating a campaign of squeezing the oil-rich region as global energy concerns mount.
The U.S. campaign of air strikes also continues, and the Israeli military said it is simultaneously striking across Iran as well as Hezbollah infrastructure in Beirut.
The war has killed at least 1,230 people in Iran, at least 550 in Lebanon and 12 in Israel, according to officials in those countries. The Pentagon said Tuesday that about 140 U.S. service members have been wounded, with 108 of them back on duty. Eight suffered severe injuries and seven have been killed.
Here is the latest:
Iran threatened to not allow “even a single liter of oil” to pass through the Strait of Hormuz for the U.S., Israel, or their allies.
A spokesperson for Khatam Al-Anbia, which operates the Revolutionary Guard-owned companies, said any ship or oil cargo that belongs to the U.S., Israel, or its allies will be a legitimate target.
Under normal circumstances, around 20% of the world’s oil and natural gas is shipped through the narrow channel that leads to the Persian Gulf. Fears about the geopolitical situation have caused the price of oil to swing wildly.
Consumer prices were up 2.4% in February compared with a year earlier, the Labor Department said Wednesday. Excluding volatile food and energy categories, core prices climbed 2.5%. And since this data was collected, the U.S. and Israeli attacks on Iran have caused wild gyrations in oil prices. Gas prices already jumped and are expected to push inflation much higher when March data is released in early April.
The price spike will challenge officials at the Federal Reserve and could slow consumer spending, which drives two thirds of the nation’s economic growth each year. This could reverse if the war ends soon, but gas prices threaten to worsen inflation for at least a few months. That could keep “affordability” as a thorny political issue for Republicans facing voters in this year’s elections.
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Japanese Prime Minister Sanae Takaichi said Wednesday that her country will start releasing its own oil reserves as early as Monday to minimize the fallout of the war in the Middle East.
More than 90% of Japan’s oil imports come from the Middle East, most of the shipment pass through the Strait of Hormuz.
Japan has oil reserves worth 254 days. With the strait virtually being blocked, however, oil imports to Japan are expected to significantly decrease from the end of March, Takaichi said.
Romania’s top defense body on Wednesday approved a request from the United States to increase its troop presence and use of the NATO country’s air bases to facilitate its military operations in Iran and the Middle East.
President Nicusor Dan said the agreement would allow for the temporary deployment of more U.S. troops, and military equipment for refueling planes and defensive equipment such as satellite communication and monitoring equipment.
Japanese Prime Minister Sanae Takaichi said Wednesday that her country will start releasing its own oil reserves starting Monday to minimize the fallout of the war in the Middle East.
More than 90% of Japan’s oil imports come from the Middle East, most of the shipment pass through the Strait of Hormuz.
Japan has oil reserves worth 254 days. With the strait virtually being blocked, however, oil imports to Japan are expected to significantly decrease from the end of March, Takaichi said.
Iran has arrested 81 people who have posted information on social media the authorities deem unacceptable during wartime, Iran’s state TV reported.
“Since we are at war, we will act like it, those in social media who cause tension for the public mind will be considered the enemy and will be treated as such,” Ahmad Reza Radan, the commander-in-chief of the Islamic Republic’s security forces, said on state TV late Tuesday.
He said the people who post critical things or repost things connected to Iran’s enemies will face lengthy prison sentences and possibly executions.
Several other countries in the Middle East have also instituted similar bans.
Israel has restrictions on sharing photos and videos that show specific locations of strikes. Several dozen have been arrested in Bahrain and Qatar for sharing “misleading” opinions and information online, according to DAWN, a Washington-based rights organization.
Germany and Austria say they are releasing parts of their oil reserves following an International Energy Agency request for its members to release 400 million barrels to help temper energy price spikes due to the Iran war.
The largest-ever previous collective release of emergency stocks by IEA member countries was 182.7 million barrels, in the wake of the energy shock prompted by Russia’s full-scale invasion of Ukraine in 2022.
Germany’s economy minister said Wednesday the country would release parts of its oil reserves following a request by the IEA to its member states Tuesday evening “to release oil reserves amounting to 400 million barrels, which is a good 54 million tons.”
Romania’s top defense body on Wednesday approved a request from the United States to increase its troop presence and use of the NATO country’s air bases to facilitate its ongoing military operations in Iran and the Middle East.
President Nicusor Dan said after a meeting of the Supreme Council of National Defense, which was convened to discuss the impact of the Middle East conflict, that the agreement would allow for the temporary deployment of troops, and military equipment for refueling planes and defensive equipment such as satellite communication and monitoring equipment.
The Israeli military sounded alarms across Israel after detecting missiles launched from Iran.
The U.S. Embassy in Baghdad urged U.S. citizens on Wednesday to leave Iraq, citing the risk of attacks and kidnappings.
“There have been attacks against U.S. citizens and U.S. interests in Iraq, and Americans face risk of kidnapping,” the statement said. “American businesses, hotels frequented by foreigners, and other facilities in Iraq, including those with U.S. ties, have been attacked.”
Since the U.S. and Israel attacked Iran, triggering the ongoing war in the Middle East, Iran and Iran-backed Iraqi militias have launched dozens of missile and drone attacks on U.S. bases and diplomatic facilities, energy and communications sites in Iraq, particularly in the semiautonomous northern Kurdish region.
Iraq’s airspace is closed, with land borders open to cross into Jordan, Kuwait, Saudi Arabia and Turkey.
“Americans should strongly consider departing via one of these overland routes if they believe it is safe to do so,” the statement said.
Egypt’s Foreign Minister has called for Iran to stop its attacks in Arab countries and warned that it should avoid “comprehensive chaos” in the Middle East.
Badr Abdelatty’s comments Wednesday came in a phone call with Iranian Foreign Minister Abbas Araghchi, according to the Egyptian foreign ministry.
Lebanon’s Health Ministry says that the death toll since the latest round of Israel-Hezbollah fighting began on March 2, has risen to 570.
The ministry added that 1,444 people have been wounded since then.
The ministry said the dead included 86 children and 45 women.
Hong Kong’s Cathay Pacific Airways will soon raise its fuel surcharges after experiencing a jump in jet fuel prices during the Iran war, its leaders said Wednesday.
The company’s CEO, Ronald Lam, said an announcement on surcharge adjustment will be made soon. The airline saw jet fuel prices roughly double in March from the average prices recorded in January and February.
Lavinia Lau, the firm’s chief customer and commercial officer, reported a surge in demand for routes, including those flying between Hong Kong and Europe, as passengers sought alternatives.
The airline has already halted flight services to Dubai and Riyadh for this month.
Thai officials say a search is underway for three missing crew members after a Thai cargo ship was struck and set ablaze in the Strait of Hormuz on Wednesday.
Thailand’s Marine Department said 20 crew members from the ship Mayuree Naree have already been rescued by the Omani navy and brought ashore in Khasab. The department said the three missing crew members were reportedly in the engine room when the explosion occurred.
The United Kingdom Maritime Trade Operations center, run by the British military, said earlier that the vessel had been hit just north of Oman in the strait.
The Marine Department said it is coordinating with relevant domestic and international agencies for the search and rescue operation and to provide assistance to the affected crew members.
Israel’s military said Wednesday it was repositioning troops from the south to provide reinforcements along the northern border.
Hezbollah last week resumed its drone and rocket attacks against Israel in support of Iran, and Israel responded with an intense, ongoing offensive.
For the residents of northern Israel, this has meant a return of the familiar sounds of explosions, interceptions, artillery fire and overhead jets. Sirens go off multiple times a day warning of incoming fire, typically providing a warning of just seconds to take cover and forcing residents to stay near shelters at all times.
Israel evacuated more than 60,000 people from northern Israel during the previous war with Hezbollah. There are currently no plans to evacuate northern communities.
Turkish President Recep Tayyip Erdogan said the war must be stopped before it “sets the entire region on fire.”
“If diplomacy is given a chance, it is indeed possible to achieve (peace),” Erdogan said in a speech to his ruling party’s legislators.
He said Turkey was pressing ahead with efforts to bring the parties back to the negotiating table.
Iran held a funeral Wednesday for commanders and others killed at the start of the war with Israel and the United States.
Iranian state television aired footage of people gathered at Enqelab Square in Tehran, Iran’s capital, even as Israeli airstrikes targeted the city.
Among those being honored were Lt. Gen. Abdolrahim Mousavi, the chief of staff of Iran’s armed forces, and Lt. Gen. Mohammad Pakpour, who led the country’s paramilitary Revolutionary Guard.
The Israeli military said it is simultaneously carrying out strikes across Iran as well as Hezbollah infrastructure in Beirut.
Pope Leo XIV is praying for peace in Iran, Lebanon and the Middle East at large, saying he hopes prayers may “be a comfort to those who suffer and a seed of hope for the future.”
Speaking at the end of his weekly general audience, Leo recalled that the funeral of a Maronite priest killed in southern Lebanon was being celebrated Wednesday. He said the Rev. Pierre El Raii, who was killed Monday as he tried to rescue a wounded parishioner, was a true pastor.
“May the Lord grant that his shed blood be a seed of peace for beloved Lebanon,” he said.
The Vatican is particularly concerned about how the war is affecting Lebanon, a Muslim-majority country where about a third of the population is Christian.
Lebanon, where Leo visited late last year, has always been a priority for the Holy See since it stands as a bulwark for Christians in the region at a time when protracted conflicts have decimated Christian communities that date from the time of the Apostles.
Oman said Wednesday that it shot down an Iranian drone and another crashed into the sea near its port at Duqm.
The state-run Oman News Agency, quoting an anonymous security official, made the announcement. It said there were no human or material losses in Wednesday’s drone attack.
Duqm has been a key resupply point for the aircraft carrier USS Abraham Lincoln and its strike group amid the war.
China’s government said its efforts in the Iran war have been focused on “diplomatic mediation,” hoping to help ease tensions, and that it is in communication with all parties, “including parties to the conflict.”
Foreign Ministry spokesperson Guo Jiakun said Wednesday that China’s top diplomat, Wang Yi, has been holding phone conversations with different counterparts and that the special envoy to the region, Zhai Jun, is currently traveling across several countries.
“As a permanent member of the United Nations Security Council and a sincere friend of Middle Eastern countries, China will not stop its efforts for peace, nor will it cease its voice in upholding fairness and justice,” he added.
Some restaurant owners in India say they are struggling to secure liquefied petroleum gas cylinders, forcing them to scale back operations.
India has invoked emergency powers requiring refiners to divert more fuel for domestic use, a move hospitality sector groups say has tightened supplies for restaurants. The squeeze is being felt most acutely by restaurants in major cities like Mumbai, Bengaluru and Hyderabad.
“I will have to shut down my business. How can I run my restaurant without fuel?” said Amit Bhatia, a restaurant owner.
India relies heavily on oil and gas shipped through the Strait of Hormuz. Iran has attacked several ships in the strait and threatened any ships that try to pass through, effectively closing it.
Italian Premier Giorgia Meloni, a close ally of U.S. President Donald Trump, said the U.S.-Israeli attacks violate international law.
Meloni, in an address to the Italian Senate on Wednesday, described a broader international crisis “in which threats are becoming increasingly terrifying and unilateral interventions outside the confines of international law are multiplying.”
She said the “the American and Israeli intervention against the Iranian regime” should be understood as part of that broader crisis.
An Associated Press journalist in Doha, Qatar’s capital, saw air defenses intercept incoming fire.
Israeli’s air force carried out three airstrikes on Beirut’s southern suburbs Wednesday.
The strikes on the suburb of Haret Hreik and nearby areas came after the Israeli military warned that it would attack several buildings in the area.
The United Arab Emirates said Wednesday afternoon its air defenses were trying to shoot down incoming Iranian fire.
Lebanon’s Health Ministry says overnight Israeli strikes on eastern and southern Lebanon have killed 14 people and wounded more than two dozen people.
The ministry said seven were killed and 11 wounded in a strike on the southern village of Chehabiyeh, while seven were killed and 18 wounded in a separate strike on the village of Tamnine el-Tahta in the eastern Bekaa valley.
The ministry did not give further details but the state news agency said that the strike on Tamnine el-Tahta hit a home where a Syrian family lived. A resident in the area said the area struck was a small concrete block factory.
The European Union’s top official says the Iran war has already cost the 27-nation bloc’s citizens around 3 billion euros ($3.5 billion) in energy imports and warns Europe must resist the temptation to buy Russian oil and gas again.
“Gas prices have risen by 50% and oil prices have risen by 27%. If you translate that into euros — the 10 days of war have already cost European taxpayers an additional 3 billion euros in fossil fuel imports,” European Commission President Ursula von der Leyen said.
“That is the price of our dependency,” she told EU lawmakers in Strasbourg, France, noting the price of European renewables and nuclear energy has remained steady.
Von der Leyen rejected calls for the EU to return to buying Russian energy, which the bloc has stopped doing since President Vladimir Putin ordered Russian troops into Ukraine in 2022.
Ukrainian President Volodymyr Zelenskyy said Tuesday a Ukrainian is heading to Gulf countries.
The delegation including military specialists and led by Defense Council secretary and chief negotiator Rustem Umerov will help strengthen defenses as tensions rise following Iranian attacks.
In his nightly video address, Zelenskyy said Ukrainian specialists could help protect lives and stabilize the situation in the region.
He added it is impossible to predict how long the crisis will last but stressed that protecting lives and restoring stability is urgently needed, including for Ukraine.
A boy runs inside cement pipe turned into a bomb shelter as air raid sirens warn of incoming Iranian missile strike in Michmoret, Israel, Tuesday, March 10, 2026. (AP Photo/Ariel Schalit)
A man passes in front of a destroyed building that housed a branch of Al-Qard Al-Hassan, a non-bank financial institution run by Hezbollah, which was hit by an Israeli airstrike in Dahiyeh, Beirut's southern suburbs, Lebanon, Tuesday, March 10, 2026. (AP Photo/Hussein Malla)
Protesters wave Iranian flags and hold a portrait of the late Iran's Supreme Leader Ayatollah Ali Khamenei and his son Ayatollah Mojtaba Khamenei to support his selection as the new Iran's Supreme Leader in Baghdad, Monday, March 9, 2026. (AP Photo/Hadi Mizban)
A displaced woman holds a child as another stands beside her between rows of tents at the Camille Chamoun Sports City Stadium, which has been turned into a shelter for people displaced by Israeli airstrikes in southern Lebanon and Dahiyeh, Beirut's southern suburbs, in Beirut, Lebanon, Tuesday, March 10, 2026. (AP Photo/Hassan Ammar)
Smoke rise from an Israeli airstrike in Dahiyeh, Beirut's southern suburbs, Lebanon, Tuesday, March 10, 2026. (AP Photo/Bilal Hussein)