Oil Surges as US-Iran Tensions Rise, IEA Taps Reserves

Key Takeaways:

The US-Israeli military campaign against Iran has reached its 12th day with intensified airstrikes across the country. Reports indicate more than 1,300 Iranian deaths have been confirmed since the operation began. The conflict has expanded beyond initial military targets to include critical infrastructure and civilian areas.

President Trump stated the war is “nearly completed” after talks with Russian President Putin, claiming the US has “already won in many ways” but must “finish the job.” The administration has warned Iran against further oil disruptions in the Strait of Hormuz.

The escalation has drawn sharp criticism from UN human rights experts, who denounced the US-Israeli assaults on Iran and Lebanon as “flagrant violations of international law” and acts of aggression. The experts called for an end to hostilities and independent probes into strikes that have caused significant civilian casualties.

Global oil markets reacted sharply to the escalating conflict, with prices surging amid concerns about supply disruptions through the Strait of Hormuz. The International Energy Agency moved to stabilize markets by authorizing the release of 400 million barrels from strategic reserves.

House Speaker Mike Johnson described the US gas price spike from the conflict as a “temporary blip” in American energy dominance. He asserted the mission against Iran is nearly complete and that domestic energy production would offset any prolonged market disruption.

The IEA’s decision represents one of the largest coordinated releases in the organization’s history. Energy analysts note the release aims to prevent price spikes that could exacerbate inflation pressures already present in major economies.

A US airstrike on an Iranian girls’ school has killed over 165 children, sparking international outrage and demands for accountability. The attack has become a focal point for critics of the military campaign.

A group of 46 Democratic and independent US senators, led by Chris Van Hollen, Tim Kaine, Elizabeth Warren, and Brian Schatz, sent a letter to Defense Secretary Pete Hegseth demanding a swift investigation into the strike. The lawmakers questioned AI use in targeting, rules of engagement, and accountability under international law.

Republican Senator John Kennedy called the school strike a “terrible” likely American mistake, expressing regret while noting its proximity to an IRGC base. Senator Thom Tillis urged open acknowledgment if US responsibility is confirmed.

UN human rights experts strongly denounced the attack, calling for independent probes into the school strike and oil refinery bombings that have caused acid rain in surrounding areas.

Three Cargo Ships Hit in Strait of Hormuz

Three cargo ships were struck in the Strait of Hormuz, raising concerns about maritime security in one of the world’s most critical oil shipping chokepoints. The attacks mark a significant escalation in efforts to disrupt global oil supplies.

The incidents occurred as part of the broader military campaign, with US and allied forces maintaining a heavy naval presence in the Gulf region. Shipping companies are reassessing routes through the area.

Iranian Strikes Target Dubai Bahrain Kuwait airports

Iran launched retaliatory drone and missile strikes across the Gulf region, impacting airports in Dubai, Bahrain, and Kuwait. The attacks also targeted Saudi Arabian military bases, representing a significant expansion of the conflict’s geographic scope.

The strikes have caused temporary closures of several major airports, disrupting travel and cargo operations throughout the Gulf. Regional authorities are evaluating damage and coordinating response efforts.

What happened in the US-Iran war March 12-13 2026

The conflict reached day 12 with major escalations. US and Israeli forces conducted expanded strikes across Iran. Iranian forces responded with missile and drone attacks on Gulf targets. Over 1,300 Iranian deaths were reported during this period.

Why did oil prices surge and what is the IEA doing

Oil prices surged due to concerns about supply disruptions through the Strait of Hormuz. The International Energy Agency released 400 million barrels from strategic reserves to stabilize markets and prevent severe price spikes.

What is known about the Iranian girls school strike

A US airstrike hit an Iranian girls’ school, killing over 165 children. UN experts and US lawmakers have demanded investigations. The strike’s proximity to an IRGC base has been noted by Republican senators.

How is the conflict affecting shipping in the Strait of Hormuz

Three cargo ships were hit in the Strait of Hormuz. The attacks have raised concerns about maritime security. Shipping companies are evaluating alternative routes.

What did US officials say about ending the war

President Trump stated the war is “nearly completed” after talks with Putin. House Speaker Mike Johnson called rising gas prices a “temporary blip.” Democratic senators have demanded accountability for civilian casualties.

Coinlineup Editorial Team

This article was prepared and reviewed by the Coinlineup editorial team using public market data, blockchain sources, and industry reports to ensure transparent coverage of cryptocurrency markets.

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