Economics

With the conflict now in its 12th day, Iran's Revolutionary Guard vowed to target 'economic centers and banks' that it deems linked to US and Israeli interests.

Iran said on Wednesday, March 11, it was ready for a long war of attrition that would "destroy" the world economy, after firing on two commercial ships and threatening any vessels from the United States or its allies.

As Tehran tightened its chokehold on the Strait of Hormuz, a vital sea passage for the global oil trade, Donald Trump said the war would end "soon" as there was little left for US forces to target in Iran. Oil prices have surged since February 28, when the United States and Israel attacked Iran, killed its supreme leader and plunged the Middle East into war.

The Strait of Hormuz accounts for a fifth of the world's oil supplies, and a mix of Iranian missile strikes and drone barrages has brought shipping through the passage almost to a halt. In an attempt to manage price jumps, the International Energy Agency said its member countries would unlock 400 million barrels of oil from their reserves – the biggest such release ever.