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Trump Claims “Victory,” but the War Escalates: Oil Prices Rise Again

Editorial staff
12 March 2026, 09:50
Trump Claims “Victory,” but the War Escalates: Oil Prices Rise Again Photo Author: huffpost.com

The situation in the Middle East is intensifying. Iran attacked and set fire to two oil tankers in Iraqi waters, an action experts say signals increased strikes on the region’s oil and transport infrastructure.

The conflict began about two weeks ago after U.S. and Israeli airstrikes on Iran. So far, the war has claimed nearly 2,000 lives, and according to the UN Children’s Fund (UNICEF), over 1,100 children have been killed or injured.

Iran’s military leadership warned that oil prices could reach $200 per barrel, while U.S. President Donald Trump claimed that Washington has already achieved victory in the war.

The conflict is also impacting the global oil market. Earlier this week, oil prices rose to $120 per barrel before falling to around $90, but following the new attacks, prices have increased by another 5%.

Currently, the Strait of Hormuz, through which about 20% of the world’s oil passes, remains blocked. In response, the International Energy Agency (IEA) recommended releasing 400 million barrels from global strategic reservesto stabilize the market.

#Middle East #Iran #Iraq #Oil tankers #Oil prices #Donald Trump #US #Israel #Strait of Hormuz #Global Oil Market #IEA #UNICEF #Energy Crisis #Military Conflict #Oil infrastructure #Geopolitics

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