Supply lines have continued to be disrupted, causing dramatic rise in the prices of oil and food stuffs due to the escalating war between the U.S. and Israel on one side and Iran on the other.

Israel attacked the Lebanese capital of Beirut, bringing down buildings and damaging infrastructure.

Meanwhile Iran continued firing to Gulf countries. Saudi Arabia reported to have intercepted three drones overnight.

The United Arab Emirates, a Gulf country facing the largest number so far of Iranian missiles and drones, with debris from intercepted drones and missiles falling on and damaging parts of buildings.

In retaliation of the killings of its security chief Ali Larijani, and Basij force commander Gholamreza Soleimani, Iran launches more attacks on Israel. Iran’s Foreign Minister Abbas Araghchi says Tehran’s political system remains strong and the assassination of its leaders will not set the country back.

U.S. counterterrorism official Joe Kent resigned on Tuesday saying Iran posed no immediate threat to the U.S. and that “I cannot in good conscience support the ongoing war in Iran.”

Crude oil prices are highly volatile, hovering around $102–$104 per barrel as of March 18, 2026, driven by intense supply concerns following escalating Middle East conflicts and attacks on energy infrastructure.

Prices surged over 40% recently, with analysts expecting high volatility and elevated levels near $100 through mid-2026, as tensions in the Strait of Hormuz worsen.