Three commercial ships were hit by fire in the Gulf on Wednesday as Iran launched strikes against its oil-exporting neighbours, heightening risks to shipping in the Strait of Hormuz and triggering a spike in global oil prices. The attacks mark the 12th day of conflict following a US–Israeli strike that killed Iran’s supreme leader, Ayatollah Ali Khamenei, on February 28.
The G7 leaders are scheduled for a video meeting to discuss releasing strategic petroleum reserves to stabilize markets. Analysts warn that a prolonged closure of the Strait of Hormuz—which handles 20 percent of the world’s oil and gas and a third of its fertiliser—could severely disrupt the global economy, particularly in Asia and Europe.
The Pentagon reported that US forces destroyed 16 mine-laying vessels on Tuesday, but attacks continued Wednesday. A cargo ship north of Iran caught fire after being struck by an “unidentified projectile,” while a bulk carrier and container ship were hit off the coast of the United Arab Emirates. Onshore, drones fell near Dubai Airport, injuring four people. US President Donald Trump warned of severe military consequences if mines are not cleared, while acknowledging that a planned tanker escort by the US Navy had not yet taken place.
In Iran, authorities continue to suppress dissent following mass protests, with national police and government officials declaring readiness to defend the revolution. Parliamentary speaker Mohammad Bagher Ghalibaf said Iran is “certainly not seeking a ceasefire.” Civilians report adapting to life amid repeated strikes, while the health ministry claims over 1,200 deaths and 10,000 injuries from US and Israeli operations.
Iraq and Lebanon have become proxy battlegrounds. In Iraq, Iranian-linked groups reported five fighters killed in strikes blamed on the US. In Lebanon, Israeli air and ground operations targeting Hezbollah have killed hundreds and displaced thousands, with new strikes in southern Beirut and Qana reported Wednesday.
