Why Iran’s attacks on tankers and tourism increase global energy crisis fears

WorldBusiness & Finance
16 Mar 2026 • 9:33 PM MYT
The Independent
The Independent

The world’s most free-thinking newspaper

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  • Concerns over a global energy crisis escalated following US-Israeli strikes on Iran and Israel's bombardment of Lebanon, as the Middle East conflict intensified.
  • An Iranian drone strike temporarily shut Dubai International Airport, while another Iranian missile killed a person in Abu Dhabi and a drone attack caused a fire at an oil facility in Fujairah.
  • Iran has repeatedly launched drones and missiles at Israel, US bases, and Gulf Arab energy infrastructure, with Saudi Arabia intercepting 35 drones targeting its oil installations.
  • The conflict has severely disrupted shipping in the Strait of Hormuz, a crucial waterway for a fifth of the world's oil, causing Brent crude prices to surge above $100 a barrel.
  • Iranian Foreign Minister Abbas Araghchi dismissed calls for a truce or talks, while U.S. President Donald Trump's appeal for warships to secure the Strait of Hormuz received no commitments.

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