Iran war: Oil prices jump as Iran steps up shipping attacks
Iraq paused operations at all of its oil ports after an attack on two tankers in Iraqi waters.
Summary
On March 12, 2026, Iraq announced a pause in operations at all its oil ports due to attacks on two tankers in its waters. This decision reflects immediate concerns over maritime security in the region.
In response to the escalating situation, Oman has evacuated all ships from its main oil export terminal. This precautionary measure indicates heightened risks for shipping operations in the area.
The recent developments have led to significant increases in oil prices, driven by fears of supply disruptions and the potential for further regional instability affecting oil transport and trade.
Key Facts
| Fact | Value |
|---|---|
| Primary source | DW News |
| Source count | 2 |
| First published | 2026-03-12T04:52:00.000Z |
Updates
Update at 10:07 UTC on 2026-03-12
NPR News reported Markets seesawed on Day 13 of the war in the Middle East, as two oil tankers were struck by projectiles near Iraq's southern ports and attacks between Israel and Hezbollah intensified.
Sources: NPR News