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Iran Escalates Attacks: Oil Prices Soar Amid Conflict

3/14/2026

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Iran's Aggressive Strikes

Iran launches missile and drone attacks across the Gulf amid the U.S.-Israel alliance.
The war is in its second week and has over 2,000 casualties.
Oil prices surged toward $200 per barrel due to Strait of Hormuz disruptions.
The United States plans to release 172 million barrels from the Strategic Petroleum Reserve.
Iran's new supreme leader Mojtaba Khamenei has vowed to continue retaliatory strikes and keep the Strait closed.

Right

Iran's Drone Assault

A drone attack targeted the U.S. Diplomatic Support Centre in Baghdad, involving six drones, of which five were intercepted.
The Islamic Resistance in Iraq is suspected to be responsible for the attack, which Iraq condemned without mentioning damage to the U.S. facility.
The UAE protested a separate drone strike on its consulate in Iraqi Kurdistan, where three drones were downed.
Iran's Revolutionary Guard threatened to block Gulf oil shipments unless U.S. and Israeli attacks stop, launching missiles at U.S. bases in Qatar and Iraq.

History

Historical Context

The Gulf War began on August 2, 1990, when Iraq, led by Saddam Hussein, invaded Kuwait, claiming economic grievances and territorial rights. The U.S. and a 42-nation coalition responded with Operation Desert Shield, followed by Operation Desert Storm, liberating Kuwait by February 28, 1991. This conflict set the stage for ongoing regional instability and fluctuating oil prices, echoing current tensions involving Iran's threats to oil shipments.

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Iran's Aggressive Strikes

Iran launches missile and drone attacks across the Gulf amid the U.S.-Israel alliance.
The war is in its second week and has over 2,000 casualties.
Oil prices surged toward $200 per barrel due to Strait of Hormuz disruptions.
The United States plans to release 172 million barrels from the Strategic Petroleum Reserve.
Iran's new supreme leader Mojtaba Khamenei has vowed to continue retaliatory strikes and keep the Strait closed.

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