March 12, 2026
News
Explosions were heard across Jerusalem on Thursday after missiles believed to have been fired from Iran triggered Israeli air defence systems, marking a dramatic escalation in the ongoing confrontation between Israel, the United States, and Iran.
According to reports from AFP, warning sirens sounded across parts of Jerusalem as the Israeli military detected incoming missiles and activated its defence systems to intercept the projectiles. Residents reported loud explosions in the skies above the city as the interceptions took place.
The incident comes as the conflict involving Israel, Iran, and the United States entered its 13th day, with tensions rapidly expanding beyond direct military exchanges into global shipping lanes and energy markets.
Tanker Attacks Deepen Crisis
Fresh fears about global oil supplies have also emerged following a series of attacks on vessels near the strategic Strait of Hormuz, one of the world’s most critical routes for crude oil transport.
The narrow waterway carries nearly one-fifth of the world’s oil supply, meaning any disruption could have major consequences for the global economy.
According to maritime security agencies, port authorities, and risk assessment firms cited by Reuters, explosive-laden boats allegedly linked to Iran attacked two fuel tankers in Iraqi waters on Wednesday, setting the vessels ablaze and killing one crew member.
The attack occurred shortly after projectiles struck three additional vessels navigating Gulf waters, heightening fears that the conflict could spread to major international shipping routes.
Security analysts warn that if the attacks continue, shipping companies may begin avoiding the region entirely — a development that could trigger a major global oil supply shock.
U.S. Moves To Stabilise Oil Prices
Amid the growing disruption in energy markets, the administration of U.S. President Donald Trump announced plans to release 172 million barrels of crude oil from the country’s emergency reserves.
The oil will be drawn from the Strategic Petroleum Reserve, one of the largest emergency oil reserves in the world.
Trump made the announcement during a television interview while visiting Cincinnati on Wednesday.
“We’ll reduce it a little bit, and that brings the prices down,” the president said, noting that the reserves could later be replenished.
U.S. Energy Secretary Chris Wright confirmed the decision, explaining that the oil would be gradually released into the market over approximately 120 days.
The move is part of a coordinated plan involving members of the International Energy Agency, which collectively aim to release about 400 million barrels of oil from global strategic reserves in an effort to calm rapidly rising fuel prices.
“This is to tide the world over while these flows are restricted,” Wright said during an interview with Fox News.
Iran Warns Of Global Economic Fallout
Meanwhile, officials in Tehran warned that continued military pressure from Israel and the United States could trigger a long and devastating conflict capable of destabilising the global economy.
Iranian authorities cautioned that the war could expand across the Middle East and disrupt international trade and energy supplies.
Despite the warning, President Trump suggested that Iran may be nearing defeat if the current pace of military operations continues.
As fighting intensifies around the Strait of Hormuz and missile exchanges continue, analysts fear the conflict could evolve into a prolonged regional war with global economic consequences.
Reporting by SUNTV Global Channel.
