An Israeli airstrike on the southern suburbs of Beirut, March 11, 2026. (Credit: AFP)
Here are the latest economic events in the Middle East war on Wednesday:
Container ship hit near UAE
The U.K. maritime agency said Thursday that a projectile struck a container ship near the United Arab Emirates.
"The container ship was struck by an unknown projectile, causing a small fire onboard," the United Kingdom Maritime Trade Operations said in a statement, adding the ship's crew had been reported as safe.
Oil prices surge
Oil prices surged, with Brent crude breaking back above $100 a barrel.
Brent jumped more than nine percent to as high as $101.59 a barrel, while West Texas Intermediate was also up more than nine percent to hit $95.97.
Bahrain says fuel tanks attacked
Bahrain said its fuel tanks were targeted in an Iranian attack.
"The blatant Iranian aggression targets fuel tanks at a facility in Muharraq Governorate," the country's Interior Ministry said on X.
Drones target Saudi oil field
Saudi Arabia's Defense Ministry said on X that it had intercepted two drones heading towards the Shaybah oil field in the southeast of the country.
It said it had intercepted seven drones heading to the oil field on Wednesday.
US to release 172 mn barrels under IEA oil pact
The U.S. Department of Energy (DOE) said it will release 172 million barrels of oil from its Strategic Petroleum Reserve as part of an agreement among members of the International Energy Agency (IEA) to ease market turbulence.
The IEA's 32 members earlier agreed to unlock 400 million barrels, its largest ever joint release.
The U.S. release will begin next week and be completed in approximately 120 days, the DOE said.
Iranian hacking group targets US medical firm
The Iran-linked hacking group Handala claimed responsibility for a cyberattack on U.S. medical technology giant Stryker, saying it had extracted 50 terabytes of data in retaliation for the U.S. war on Iran.
Iran prepared to 'destroy' world economy
Iran said it was ready for a long war of attrition that would "destroy" the world economy.
The U.S. and Israel "must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy," Ali Fadavi, adviser to the Revolutionary Guard's commander-in-chief, told state television.
The country's Tasnim news agency also published a list of potential targets for Iran, including the offices of tech giants such as Amazon, Google, Microsoft and Nvidia in Gulf countries and Israel.
G7 rejects lifting Russian sanctions
The Group of Seven nations (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) rejected easing punitive measures against Russia over its invasion of Ukraine as the Middle East war wreaks havoc on global oil markets, France's President Emmanuel Macron said.
"This situation in no way justifies lifting the sanctions that exist against Russia," he said after a video call with other G7 leaders to discuss the war's economic fallout.
Ships hit
Iran's Revolutionary Guard said it had struck the Liberian-flagged container ship Express Rome and the Thai bulk carrier Mayuree Naree because they had entered the Strait of Hormuz "after ignoring the warnings."
An attack on two oil tankers near Iraq killed at least one crew member, Iraqi authorities said.
Drones hit Oman port
Drones struck fuel tanks at Oman's Salalah port on Wednesday, state media reported.
Citi, Deloitte, PwC clear offices in Gulf
Several major international businesses closed or evacuated offices in Gulf countries after Iran threatened U.S.- and Israel-linked economic targets and centres in the Middle East.
U.S. finance group Citi and British consultancy Deloitte evacuated offices in Dubai's financial centre, while PwC, another British consultancy, closed offices in Saudi Arabia, Qatar, the UAE and Kuwait.
Fuel queues
Tanker drivers in Pakistan said they were facing long waits at depots due to a fuel shortage, even as the government played down fears of another price rise amid the war.
ECB inflation vow
European Central Bank chief Christine Lagarde said that "everything necessary" would be done to "keep inflation under control."
Hormuz confusion
The U.S. energy secretary said in a video on X that the U.S. Navy had escorted an oil tanker through the Strait of Hormuz, but the post was deleted within minutes.
The White House subsequently stated that the U.S. Navy had not escorted any tankers through the strategic Gulf passage.
Iran's Revolutionary Guard said no U.S. Navy vessel has "dared" to approach the strait.
Rubio condemns Iran's 'outrageous' attacks on Kuwait
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