Iran launched a new wave of attacks across the Persian Gulf, targeting commercial ships, oil infrastructure and areas near Dubai International Airport, intensifying a widening conflict involving Israel and the United States.
The escalation comes nearly two weeks after the start of a major U.S.–Israeli military campaign against Iran, a conflict that is now threatening global trade routes, oil supplies and financial markets. Analysts warn the war is increasingly becoming a battle of economic endurance, with both sides seeking to outlast the other.
Attacks Disrupt Key Global Shipping Routes
Iranian drones and projectiles struck multiple targets across the Gulf region on Wednesday. Two drones landed near Dubai International Airport, the world’s busiest airport for international travel. Authorities reported four people wounded, but flights continued operating normally.
Meanwhile, a cargo ship sailing near Strait of Hormuz off the coast of Oman caught fire after being hit by a projectile. The vessel, identified as the Thai cargo ship Mayuree Naree, was carrying a crew of 23. Omani naval forces rescued 20 crew members, while three remain missing.
The attacks are part of a broader Iranian effort to disrupt traffic through the Strait of Hormuz, one of the world’s most critical energy corridors. Roughly one-fifth of all globally traded oil passes through the narrow waterway.
According to global maritime trackers, at least 12 incidents involving ships have been recorded in the area since the war began, with seven sailors reported killed.
Oil Markets Under Pressure
The disruption has already shaken global energy markets. Brent crude oil prices have risen about 20% since the conflict began, pushing fuel costs higher worldwide.
In response, the International Energy Agency announced the largest emergency release of oil reserves in its history, making 400 million barrels available from member countries’ strategic reserves to stabilize global markets.
Despite the tensions, some tankers linked to Iran are still moving through the Strait of Hormuz using so-called “dark” transits, meaning they disable tracking systems to hide their movements. Analysts say this allows Iran to continue exporting oil despite sanctions and naval pressure.
U.S. Strikes Target Iranian Navy
The United States has vowed to keep the Strait of Hormuz open and has intensified airstrikes against Iranian naval assets. The U.S. military said it destroyed 16 Iranian mine-laying vessels near the strait earlier this week.
However, Donald Trump said there were no confirmed reports that Iran had yet mined the passage, despite Tehran’s threats to block oil exports from Gulf states.
Iranian authorities have warned they will not allow “even a single liter” of oil to reach countries they consider enemies.
New Iranian Supreme Leader Reportedly Wounded
The conflict has also created uncertainty inside Iran’s leadership. Israeli intelligence sources claim Mojtaba Khamenei, who recently became Iran’s supreme leader after the death of his father Ali Khamenei, was wounded during the first day of Israeli airstrikes that killed his father.
The 56-year-old cleric has not appeared publicly since assuming leadership earlier this week. Iranian officials have not confirmed the injury, though the son of President Masoud Pezeshkian said on social media that he had heard Mojtaba was wounded but was told he was “healthy.”
Conflict Expands Across the Region
The war is increasingly spreading beyond Iran itself. Israel launched additional strikes in Beirut, targeting sites linked to the Iran-backed militant group Hezbollah.
According to the Lebanese Health Ministry:
- 570 people have been killed in Lebanon since the latest escalation began.
- Israeli strikes on Wednesday alone killed 14 people in southern and eastern parts of the country.
The United Nations High Commissioner for Refugees reported that 759,000 people have been displaced inside Lebanon, while more than 92,000 have fled to neighboring Syria.
Casualties Mount on All Sides
The war has already caused heavy casualties across the region:
- More than 1,300 people killed in Iran, according to Iranian authorities.
- 12 deaths reported in Israel.
- Seven U.S. soldiers killed, with eight others seriously injured.
Iran Threatens Regional Financial System
Iran’s joint military command has also issued a new warning, saying it could begin targeting banks and financial institutions across the Middle East.
Such attacks could particularly affect financial hubs such as Dubai, as well as institutions in Saudi Arabia and Bahrain.
The threat followed a strike on a branch of Bank Sepah in Tehran, a state-owned bank sanctioned by the United States for allegedly financing Iran’s military. Iranian media reported that staff members were killed in the attack.
Global Stakes Rising
As the conflict enters its second week, experts warn the economic consequences may become the most powerful weapon in the war. By targeting shipping routes, oil infrastructure and financial systems, Iran appears to be attempting to inflict enough economic damage to pressure Washington and its allies to halt the campaign.
Meanwhile, Western leaders insist they will continue operations until Iran’s military capabilities are significantly weakened.
The escalating conflict now threatens global energy markets, international trade and regional stability, raising fears that the war could evolve into a much broader confrontation.
