Attacks on Mideast shipping send oil prices soaringAP, DUBAI, United Arab EmiratesIran’s unrelenting attacks on shipping traffic and energy infrastructure in the Persian Gulf yesterday pushed oil back above US$100 a barrel, as US and Israeli strikes pounded the Islamic republic with no sign of an end to the war in sight. A person looks at a tanker carrying Iraqi fuel oil damaged after catching fire in Iraq’s territorial waters near Basra yesterday, following unidentified attacks that targeted two foreign tankers, according to Iraqi port officials. Israel launched another wave of attacks on Tehran and in Lebanon, where 11 people were killed. Iranian President Masoud Pezeshkian yesterday wrote online that for the war to end, the world would need to recognize Iran’s “legitimate rights,” pay reparations and offer guarantees against future attacks. Two tankers were ablaze in an Iraqi port after a hit by suspected Iranian explosive-laden boats.

Source: Taipei Times March 12, 2026 16:25 UTC