The United States and Israel exchanged fresh air strikes with Iran across the Middle East on Wednesday, as the conflict entered its 12th day and fears of wider instability mounted across the region.
Following one of the heaviest rounds of bombardment on Tuesday, the rival forces resumed attacks on targets linked to each side in Israel, Lebanon and parts of the Gulf. Meanwhile, Iran’s government warned that its security forces were on high alert, with “fingers on the trigger” to suppress any anti-government protests at home.
The escalating fighting has severely disrupted global energy markets. The conflict has effectively blocked shipping through the Strait of Hormuz, a critical route through which roughly one-fifth of the world’s fossil fuel supplies normally pass.
Although crude oil prices surged earlier in the week, global energy markets and stock exchanges rebounded on Tuesday as investors speculated that U.S. President Donald Trump may push for an end to the war.
Adding to hopes of market stability, the International Energy Agency is reportedly considering the largest release of emergency oil reserves in its history to help offset supply disruptions.
Despite those efforts, Iran’s Islamic Revolutionary Guard Corps warned it could block oil shipments from the Gulf unless U.S. and Israeli attacks stop. Military exchanges between the sides showed no immediate sign of easing.
Maritime authorities also reported growing risks to commercial vessels. The United Kingdom Maritime Trade Operations said a cargo ship in the Strait of Hormuz was struck by an unidentified projectile, causing a fire that forced the crew to evacuate. In a separate incident off the coast of the United Arab Emirates, the captain of a container vessel reported damage from what appeared to be another projectile.
The White House reiterated on Tuesday that Trump would respond forcefully if Iran attempts to shut down the Strait of Hormuz. U.S. Central Command said American forces had already destroyed 16 Iranian vessels suspected of laying naval mines near the strategic waterway.
