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US-Israel Iran War Live Updates: Iran vows to make Trump sorry for 'grave miscalculation';
US-Israel Iran War Live Updates
Two foreign oil tankers were attacked at Iraq's port of al-Faw, even as Kuwait, Qatar, the UAE and Saudi Arabia intercepted additional Iranian missiles and drones. Meanwhile, Iran's President Masoud Pezeshkian set out three conditions to end the war: recognition of Tehran's rights, payment of reparations and firm international guarantees against future aggression.
At the same time, US President Donald Trump vowed to protect oil tankers passing through the Strait of Hormuz, while Iran warned global oil prices could surge to $200 a barrel. As tensions escalate, Iran and Hezbollah launched coordinated waves of attacks on Israel, even as Israeli forces continued large-scale strikes on Beirut.
Live Updates
March 13, 2026, 00:52:10 (IST)
US-Israel Iran War Live Updates: West Asia war triggers global energy chaos: Strait of Hormuz closed, oil hits $100, shipping disrupted
Here are the latest economic events in the Middle East war on Thursday:
Iran vows to keep Strait of Hormuz closed
Iran's new supreme leader Mojtaba Khamenei called on Thursday for using "the lever of blocking the Strait of Hormuz", which the country's Revolutionary Guards vowed to carry out.
'Historic' fallout: IEA
The Middle East war "is creating the largest supply disruption in the history of the global oil market", as Iran's chokehold on regional supplies forces Gulf producers to slash production, the International Energy Agency said, citing crude production currently down by at least 8.0 million bpd.
The conflict is hampering the global economy's supply of oil and weakening production capacity after Iran tightened its chokehold on the Strait of Hormuz, through which a fifth of global crude passes.
Oil prices hit $100, again
Brent crude jumped more than 10 percent to as high as $101.59 a barrel as traders focused on attacks on shipping in the Strait of Hormuz rather than the release of oil from strategic reserves, analysts said.
Deadly attacks on tankers off Iraq
An attack on two oil tankers off Iraq killed at least one crew member, an Indian national, as Iran pressed a campaign to disrupt global energy markets in retaliation for US and Israeli strikes.
The other crew members were rescued, Farhan Al-Fartousi, from Iraq's General Company for Ports, told AFP.
Cargo ship catches fire after hit with shrapnel
German shipowners Hapag-Lloyd said that one of their cargo vessels in the Gulf caught fire after being "hit with shrapnel" overnight, adding that no one was injured.
"We don't know where (the debris) came from, whether it was a rocket or a drone" or another munition," a company spokesman told AFP.