On Wednesday, the conflict between the United States of America, Israel and Iran escalated as it entered its 12th day. New airstrikes and missile interceptions in the Gulf Region, along with a steep rise in oil prices, were all part of the intensification.
Oil Markets Escalation
As tensions in the Middle East disrupted markets for energy and fuel, global oil prices rose more than 5.
- Brent crude increased 5.1% to $82.23 per barrel
- West Texas Intermediate increased 5.9%, to $88.38 a barrel
Analysts say that the increase is due to concerns about security around the Strait of Hormuz – one of the most important oil transport routes in the world.
UAE Missile Threats
The authorities in United Arab Emirates have confirmed that the air defence system has been activated for intercepting incoming drones and missiles.
The officials have reported that in the last eleven days
- Over 270 missiles have been launched against the UAE
- 92% of interceptions were successful
- 1 475 drones have been launched
- 94% were intercepted
Authorities confirmed earlier Wednesday that 2 drones had fallen near Dubai International Airport and injured four people. Airport operations were unaffected, according to officials.
Israel Strikes
Israel announced that it had begun a “widespread wave of attacks”, targeting locations in Iran as well as Hezbollah’s positions in Beirut and Lebanon.
The health ministry of Lebanon reported that 560 people were killed after Israeli attacks began to expand into Lebanon on 2 March. This includes 85 children as well as fourteen healthcare workers.
An Israeli airstrike in eastern Lebanon reportedly injured 18 people and killed 7 people.
Iran Threatens Economic Centers
Iran’s military leaders warned that they could target banks and economic centers linked with the United States or Israel in the region.
Iranian media have reported overnight that an attack struck a Bank in Tehran. The number of victims has not yet been confirmed.
Gulf Countries Drones
As the conflict spread throughout the region, several Gulf States reported more interceptions.
- Qatar has intercepted an anti-country missile.
- Saudi Arabia destroyed four UAVs in its Eastern Region.
- Kuwaiti National Guardshott down eight drones.
- Oman has reported the downing of a drone in the vicinity of Duqm.
The residents of Doha heard multiple explosions when air defence systems engaged incoming threats.
Iranian Naval Assets
The US Central Command reported that American forces had destroyed several Iranian naval vessels and 16 minelayers in the vicinity of the Strait of Hormuz.
US Military warned that further actions could be taken if Iran continued to try to threaten shipping along the vital waterway.
Global Economic Concerns
Maersk, a shipping giant, warned of the possibility that global freight prices could rise due to conflict. According to CEO Vincent Clerc, transport costs may increase 15-20% and could ultimately raise prices for consumers worldwide.
The Turkish president Recep T. Erdogan has called for a halt in the conflict, warning that escalating violence could damage global economics and destabilize the area.
Situation Continues to Develop
Regional governments are on alert after missile launches, airstrikes and drone interceptions were reported in several countries.
As the situation in the Gulf continues to change, security agencies have encouraged residents to adhere to official safety instructions.
