Fuel storage tanks in Bordeaux, in southwest France. (Photo: Philippe Lopez/AFP)
Get the latest news on developments in the conflict in the Middle East here.
Iran launches new wave of attacks; oil reserves may be used
Iran started a new wave of attacks in the region early Wednesday. This included the use of drones to target a Saudi Arabian oil field.
Meanwhile, the International Energy Agency (IEA) has reportedly proposed its largest release yet of oil from strategic reserves to stabilize markets and prices.
The war sparked by US-Israeli attacks on Iran has since spread across the region and sent energy costs soaring. This led to fuel rationing, price hikes and even school closures worldwide.
Leaders of the G7 countries will meet online later on Wednesday to discuss the economic consequences of the war, especially the “energy situation”, the French presidency said. The IEA is also expected to decide on a proposal for its largest release yet of oil from reserves The Wall Street Journal reported.
Iran has begun laying mines in the Strait of Hormuz, the world’s most important energy chokepoint that carries about one-fifth of all crude oil, according to two people familiar with US intelligence reporting on the issue. https://t.co/BryHpqWEFG pic.twitter.com/gSVwWIKQcW
— CNN International (@cnni) March 10, 2026
The US said on Tuesday it was targeting Iranian ships that could lay mines in the Strait of Hormuz – a critically important oil route that has basically been closed due to Iranian threats.
Israel also launched new attacks on Beirut as well as Tehran, where residents sought shelter from black rain that fell after Israeli bombing of fuel depots.
About 20% of all oil supplies pass through the Strait of Hormuz. (Graphics: iStock: Peter Hermes Furian)
The US military shared video footage showing Iranian boats being blown up and said 16 minesweepers near the Strait of Hormuz had been destroyed. About a fifth of the world’s oil moves through this strait.
“If for any reason mines are placed and they are not removed immediately, the military consequences for Iran will be at a level that has never been seen before,” Pres. Donald Trump wrote on social media.
( @realDonaldTrump – Truth Social Post )
( Donald J. Trump – Mar 10 2026, 4:07 PM ET )If Iran has put out any mines in the Hormuz Strait, and we have no reports of them doing so, we want them removed, IMMEDIATELY! If for any reason mines were placed, a… pic.twitter.com/xZgGXDwJuq
— Donald J Trump Posts TruthSocial (@TruthTrumpPost) March 10, 2026
Trump is facing increasing political risks due to the sharp rise in oil prices, just months before the US election. Crude oil prices rose 5% late on Tuesday, although they started to fall again on Wednesday after reports of the possible release of reserves.
Trump offered that the US military escort oil tankers through the strait, but his administration later conceded that a post by the energy secretary – announcing the first of such escorts – was not accurate. – AFP
WATCH: ???????????????? US bombs multiple Iranian navy ships. pic.twitter.com/Egw2DvdJHR
— Donald J Trump Posts TruthSocial (@TruthTrumpPost) March 10, 2026