Iran claimed responsibility Wednesday for a large-scale offensive targeting a Saudi Arabian oil field, as the International Energy Agency (IEA) considers an unprecedented release of strategic reserves amid soaring crude prices. G7 leaders are scheduled to convene via video conference Wednesday to discuss the economic impact of the conflict, which is driving up oil prices and threatening to strangle the global economy.
According to sources, a coordinated release from major nations’ reserves, exceeding that authorized during the 2022 Russian invasion of Ukraine, is expected to be finalized today. Since the start of the war launched February 28th by the United States and Israel, Iran has effectively blocked the Strait of Hormuz and targeted energy infrastructure in retaliation.
An Iranian drone attack on Tuesday forced the closure of the Ruwais refinery in the United Arab Emirates, one of the world’s largest. As gasoline prices surge, U.S. President Donald Trump threatened Iran with “unprecedented military consequences” should it mine the Strait of Hormuz, through which normally 20% of the world’s oil and natural gas production transits.
Iran has shown no signs of de-escalation. The Islamic Revolutionary Guard Corps claimed responsibility Wednesday for what it described as “the most violent and heaviest wave of strikes since the start of the war” across the region. Saudi Arabia reported neutralizing several drones targeting the Shaybah giant oil field, bordering the United Arab Emirates and missiles aimed at Prince Sultan Air Base, which hosts U.S. Military personnel near Riyadh.
After several days of increases – peaking at nearly $120 a barrel on Monday – oil prices remain elevated, around $88 for Brent crude. French President Emmanuel Macron will convene a video conference at 14:00 GMT Wednesday with G7 heads of state and government to discuss the “economic consequences” of the war in Iran, specifically the “energy situation” and “measures to mitigate it.”
Israel, engaged in the conflict alongside Washington since February 28th, reported novel missile fire from Iran overnight Tuesday into Wednesday. Israeli Channel 12 reported several injuries from strikes near Tel Aviv. Israel continued to strike Iran and the southern suburbs of Beirut, a stronghold of the Iran-aligned Hezbollah.
The Lebanese government reported “nearly 760,000 displaced” since March 2nd, the start of fighting between Hezbollah and Israel. In Tehran, explosions reportedly rattled windows in a journalist’s apartment in the north of the city. One Tehran resident told AFP earlier that she believed the bombings were “not targeting ordinary buildings,” but rather “police stations, mosques, military sites.” She described the impact on nearby residents, stating, “But imagine: a police station is hit at the end of your street. All your windows shatter. That’s what many people have experienced.”
The Islamic Revolutionary Guard Corps claimed Wednesday to have launched missiles at the U.S. Arifjan base in Kuwait. “The aggressor must be punished and receive a lesson that will deter it from attacking Iran again,” warned Iranian Parliament Speaker Mohammad Bagher Ghalibaf on Tuesday.
Iranian authorities designated Ayatollah Mojtaba Khamenei as the supreme leader on Sunday, following the death of his father in Israeli-American strikes on the first day of the war. However, the heir apparent has not been seen publicly. State television reported he had been “injured” during the conflict, without providing further details.
