International News 13 March 2026
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Attack on Tankers at Iraqi Port Disrupts Energy Supply, Oil Prices Surpass $100
Two oil tankers were reported to have caught fire at an Iraqi port on Thursday (March 12, 2026) after being allegedly attacked by a small boat carrying explosives, which authorities linked to Iran. The incident marks a further escalation of attacks in the region that have already disrupted global oil supplies and challenged U.S. President Donald Trump’s claim that the war that began two weeks ago had already been won. Verified footage obtained by Reuters and recorded from the shoreline near Basra port shows the vessels engulfed in large orange fireballs lighting up the night sky. Iraqi authorities said the assault was carried out by an Iranian vessel, and at least one crew member was reported killed in the attack.
Emerging Market Stocks Slump as Iran War Continues to Weigh on Markets
Emerging market assets came under pressure on Thursday (March 12, 2026) as the war involving Iran entered its 13th day with no signs of easing. A surge in energy prices and rising geopolitical tensions prompted investors to shy away from riskier assets. Market data showed emerging market equities falling about 1.1%, while their currencies weakened by 0.33%. The pressure intensified as the Middle East conflict fueled concerns over a potential global energy shock. U.S. President Donald Trump stated that the military operation against Iran needs to be carried through to completion.
US to Release 172 Million Barrels from Strategic Reserve to Curb Energy Prices
The United States government announced it will release 172 million barrels of oil from its Strategic Petroleum Reserve (SPR) in an effort to curb the surge in global oil prices caused by supply disruptions amid the military conflict between the U.S.–Israel alliance and Iran. U.S. Energy Secretary Chris Wright said on Wednesday (March 11) that the move is part of a coordinated decision by the International Energy Agency (IEA), whose member countries had previously agreed to release a total of 400 million barrels of oil. According to Wright, the release will begin next week and is expected to take about 120 days for the full volume to enter the market. The measure aims to boost global oil supply and ease rising energy prices triggered by escalating geopolitical tensions in the Middle East.