Iran has reportedly attacked two oil tankers carrying petroleum products in waters controlled by Iraq, raising concerns that global oil prices could continue to soar. The move is seen as a test of U.S. President Donald Trump, who recently claimed the United States was winning the war against Iran.
Iran indicated that continued military operations across the Middle East could push oil prices even higher, suggesting that a single barrel of oil could reach $200, up from around $120 currently.
The conflict began two weeks ago when the United States and Israel launched strikes on Iran. Since the war started, more than 2,000 people are reported to have died. The conflict has also caused oil prices to spike dramatically, reaching levels not seen since the 1970s energy crisis.
According to UNICEF, more than 1,100 children have either been killed or injured during the ongoing fighting involving the United States, Israel, and Iran.
Speaking in Kentucky on March 11, 2026, President Trump said the United States had already gained the upper hand in the war but suggested the conflict might continue for some time.
“We do not want to leave this war too early because we must first finish the job,” Trump said.
On March 2, Iran’s elite military force, the Islamic Revolutionary Guard Corps (IRGC), announced it would block the transport of oil from the Middle East while the war with the United States and Israel continues.
The IRGC also declared that it had closed the Strait of Hormuz, warning that any vessel attempting to pass through the strait could be targeted.
The Strait of Hormuz is a narrow but critical waterway located between Iran, Oman, and the United Arab Emirates. Nearly 20% of the world’s traded oil passes through this route, making it one of the most important shipping lanes for global energy supplies.
