The conflict has spread across the Middle East and prompted plans for a record release of strategic oil reserves to dampen one of the worst ​fuel shocks since the 1970s. Trump said the IEA decision “will substantially reduce oil prices as we end this threat to America and the world”. Trump said US forces had knocked out 58 Iranian naval ships and that Iran was “pretty much at the ⁠end of the line”. An Israeli military official said the military still had an extensive list of targets to hit in Iran, including ballistic missile and nuclear-related sites. With pump prices surging, oil prices have ​become an increasingly urgent element in the calculations behind the war.

Source: Bangkok Post March 12, 2026 08:05 UTC