Iran Attacks Shipping, Escalating Economic Concerns

Iran launched attacks against commercial ships near the Strait of Hormuz and Dubai International Airport on Wednesday, March 11, 2026, intensifying economic concerns amid an ongoing conflict with the United States and Israel. These actions, including a fire at fuel tanks in Oman's Port of Salalah, have escalated tensions in the oil-rich Gulf region and contributed to rising global energy prices.

The U.S. campaign of airstrikes in Iran is in its 12th day, with over 5,500 targets reportedly hit with the aid of artificial intelligence.

Kuwait's foreign ministry condemned Iran's targeting of economic facilities, citing it as a "dangerous escalation" threatening global trade. Concurrently, Israeli forces are conducting strikes in Lebanon, displacing over 800,000 people.

Background

U.S. President Trump indicated plans to tap the U.S.

Strategic Petroleum Reserve to mitigate rising oil prices, while an Israeli intelligence assessment suggested Iran's new supreme leader, Ayatollah Mojtaba Khamenei, was wounded early in the conflict. Iran's U.N.

Ambassador Amir Saeid Iravani criticized a Security Council resolution, stating it ignored the conflict's root causes and aimed to "distort the realities."