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Iran Escalates Attacks on Dubai and Shipping, Rattling Markets
Posted
March 12, 2026
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0:54Now PlayingIran launched a fresh wave of attacks on shipping in the Persian Gulf, briefly pushing crude back above $100 a barrel and intensifying the biggest oil market disruption in history. #iran #politics #worldnews #trump #israel #usa
The conflict has led to a surge in fuel prices, with some parts of the world experiencing shortages, and has forced Middle Eastern producers to slash oil output and implement workarounds to export barrels outside of the Strait of Hormuz.
The International Energy Agency warned that the conflict will slash global oil supply by 8 million barrels a day this month, and a historic release of reserves may not be enough to cool the rally in crude prices.
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