NPR News: 03-12-2026 6AM EDT

The war in Iran has escalated sharply, with six ships attacked in the Persian Gulf in the past two days, including two oil tankers hit in Iraqi territorial waters—the first such strike on Iran's neighbor and ally, Iraq, in this conflict. A port official said the attack early Thursday targeted vessels near Basra Port, and 31 crew members were rescued. Iraq’s security spokesman called it an act of sabotage. The ships were flagged in the Marshall Islands and Malta, but shipping records show one tanker is owned by a New Jersey-based company. Iran has stepped up attacks on oil installations and shipping in response to U.S. and Israeli strikes, warning the world should be ready for oil prices to double.

Oil Prices and Global Response

The International Energy Agency agreed to coordinate the release of a record 400 million barrels of oil from national petroleum reserves worldwide, which officials said would substantially reduce oil prices. But oil prices are not falling. The price of benchmark Brent crude is near $100 a barrel, and AAA reports U.S. gas prices are rising. The disconnect between the announced reserve release and actual market prices underscores the severity of the supply disruption and the market’s skepticism that the release will be sufficient.

U.N. Security Council Condemns Iran