Ships ablaze in the Middle East, new oil price jump

Ships ablaze in the Middle East, new oil price jump The region is in turmoil as US-Israeli attacks on Iran trigger retaliatory strikes, causing widespread damage and a surge in oil prices. Ships are burning in key waterways, threatening global oil supplies and leading to significant market volatility. The new Iranian leader has been reported wounded, adding to the uncertainty.

• US-Israeli attacks on Iran began February 28th, resulting in the death of Ayatollah Ali Khamenei.
• Iran retaliated by targeting Israel and neighboring countries, as well as US military bases and infrastructure.
• A school in Iran was hit, killing 168 people, with the BBC attributing the attack to a US Tomahawk missile.
• Israel launched attacks on Lebanon targeting Hezbollah positions.
• A major refinery in Tehran was hit, causing significant air pollution.
• Mojtaba Khamenei, son of Ali Khamenei, was appointed new supreme leader but was later reported lightly wounded.
• Oil prices surpassed $100 per barrel for the first time since 2022, reaching $120 at one point.
• Iran planned to mine the Strait of Hormuz, but the US military claimed to have sunk 16 Iranian ships attempting to do so.
• At least 13 merchant ships have been hit in and around the Strait of Hormuz since February 28th.
• The International Energy Agency released 400 million barrels of oil from reserves to stabilize the market.
• Spain recalled its ambassador from Israel.
• Iran will not participate in the upcoming World Cup.
• Over 1,300 people have been killed in Iran since the attacks began, with hundreds dead in Lebanon.
• US intelligence suggests the Iranian leadership is largely intact and not in immediate danger of collapse.
• US Secretary of Defense Pete Hegset stated that US and Israeli attacks are ‘very effective’ against Iran.