Trending Now - Iran's Attacks Impact Oil Prices and Stock Markets Amid UN Concerns

WHO:

President Trump, U.S. Energy Secretary Christopher Wright, Farhan Al-Fartousi (director-general of the General Company for Ports of Iraq), Jamal Alrowaiei (Bahrain’s U.N. ambassador), Vassily Nebenzia (Russia’s U.N. ambassador), Amir Saeid Iravani (Iranian U.N. Ambassador), and the U.N. Security Council.

WHAT:

Iran launched missile and drone attacks against Israel and Gulf states, targeting commercial ships and airports.

Oil prices rose above $100 per barrel, while stock markets declined.

The U.S. planned to release 172 million barrels of oil from its Strategic Petroleum Reserve.

The International Energy Agency announced the release of 400 million barrels of oil.

The first week of the war with Iran cost the U.S. $11.3 billion, with $5 billion spent on munitions alone.

Four people were wounded in drone strikes near Dubai International Airport.

Seven people were killed and 21 wounded in an Israeli strike in Beirut.

At least 634 people have been killed in Lebanon since the conflict began.

More than 1,300 people have been reported killed in Iran, and the U.S. has lost seven soldiers.

WHERE:

Jerusalem, Israel; Dubai, United Arab Emirates; Bahrain’s Muharraq Island; Basra, Iraq; Khor Al-Zubair Port, Iraq; Erbil, Iraq; Ramlet al-Bayda, Beirut, Lebanon; Strait of Hormuz; and the Gulf region.

WHEN:

The conflict began on February 28, 2026.

The U.N. Security Council voted on March 11, 2026, demanding a halt to Iran’s attacks.

The Iranian drone attack on Kuwait occurred on March 1, 2026.

WHY:

Iran's attacks are aimed at generating global economic pain to pressure the U.S. and Israel to end the war.

The U.N. Security Council's resolution reflects the international community's rejection of Iranian attacks threatening global stability.

HOW:

Iran used missiles and drones to target various locations, including airports and commercial vessels.

The U.S. and International Energy Agency are releasing strategic oil reserves to stabilize markets.

(UPDATED March 12, 2026 11:09 UTC)

Today, President Trump, U.S. Energy Secretary Christopher Wright, and several international ambassadors gathered as Iran launched missile and drone attacks against Israel and Gulf states, targeting commercial ships and airports. In response to the escalating conflict, oil prices surged above $100 per barrel, prompting the U.S. to plan the release of 172 million barrels from its Strategic Petroleum Reserve, while the International Energy Agency announced a release of 400 million barrels to stabilize markets. The ongoing conflict, which began on February 28, has already resulted in significant casualties, with at least 634 people killed in Lebanon and over 1,300 in Iran, as well as four wounded in drone strikes near Dubai International Airport.