Conflict is forcing producers to slash production and close ports as Iran steps up attacks on energy infrastructure.
The United States said this week that it had attacked 16 Iranian mine-laying vessels near the Strait of Hormuz. In the 1980s, Iranian mines damaged oil tankers and a U.S. Navy warship.
The United States and Israel launched more strikes against Iran, where crowds mourned military commanders killed in the war. Israel also bombed targets in Lebanon, where the death toll climbed.
A video posted by the U.S. Central Command showed munitions striking nine vessels, most of which were moored at the time. Whether any mines have been laid in Gulf waters was unclear.
Pakistan, Iran’s neighbor, has been striving to remain neutral in the conflict. But its government and military have been forced to act to protect its economy.
Since the American-Israeli attack on Iran began, at least 12 civilians have been killed in oil-rich Gulf countries. All but one of them were foreign nationals.
Oil prices and stocks initially swung wildly, and Iran’s foreign minister promised “surprises,” calling the strikes against his country “Operation Epic Mistake.”
Oil prices and stocks initially swung wildly, and Iran’s foreign minister promised “surprises,” calling the strikes against his country “Operation Epic Mistake.”
Supreme Leader Mojtaba Khamenei could prove to be even more radical than his father and predecessor, Ayatollah Ali Khamenei, who was killed by the U.S. and Israel at the start of the war.
Key U.S. allies in the Persian Gulf have stepped up their criticism of Iran after facing a barrage of missiles and drone attacks over the past week.