Countries agree 'largest ever' release of oil reserves to reduce crude prices - Wednesday, 11th March

Countries agree 'largest ever' release of oil reserves to reduce crude prices - Wednesday, 11th March
A woman holds an image of Iran's new supreme leader, Mojtaba Khamenei, alongside the late Ali Khamenei, in Tehran, Iran, March 11, 2026.
Reuters

The 32 countries belonging to the Internatioanl Energy Agency agreed to release 400 million barrels of oil on Wednesday (11 March), in efforts aimed at bringing down the price of crude oil, which has soared since fighting between Iran, Israel and the U.S. started at the end of February.

⦿ 19:55 GMT | UPDATE

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You can read a summary of the day's main events below. We'll be back tomorrow.

⦿ 19:13 GMT | UPDATE

Outdated targeting data may have resulted in U.S. striking Iranian school, sources tell Reuters 

Reuters

A deadly strike on an Iranian girls' school may be the result of the U.S. using outdated targeting data, two sources familiar with the matter told Reuters on Wednesday. 

One of the sources, who spoke to Reuters on the condition of anonymity, said officials responsible for creating targeting packages appeared to have used out-of-date intelligence. The second source confirmed that out-of-date intelligence seemed to have been used.

Earlier, the New York Times reported that an ongoing U.S. military investigation suggested a targeting mistake may have resulted in the air strike on the school. 

⦿ 18:25 GMT | UPDATE

Pay reparations to end conflict, Iranian President says

X

Iranian President Masoud Pezeshkian has said that the only way to end the conflict with the U.S. and Israel is by "recognizing Iran's legitimate rights, payment of reparations, and firm [international] guarantees against future aggression."

⦿ 18:06 GMT | UPDATE

'Get ready for oil to be $200 a barrel,' Iranian official  

Reuters

Iranian Army Spokesman, Ebrahim Zolfaqri, warned the world to "get ready" for oil to climb to $200 a barrel on Wednesday. 

In words directed at Washington, he added: "The oil price depends on regional security, which you have destabilised." 

⦿ 17:53 GMT | UPDATE

FBI warned California it could come under attack from Iranian drones, ABC News reports 

Reuters

The Federal Bureau of Investigation warned police departments in California that Tehran could retaliate for U.S. strikes by launching drone attacks on the U.S. West Coast, ABC News reported on Wednesday, citing an alert it reviewed. 

The FBI has yet to respond to the claims. 

⦿ 16:34 GMT | UPDATE

No confirmation on Iranian sea mines in Strait of Hormuz

Reuters

French President Emmanuel Macron said on Wednesday that he has “no confirmation” that Iran is deploying sea mines in the Strait of Hormuz.

Speaking after the United States reported destroying Iranian mine-laying boats near the strategic waterway, Macron added that neither French intelligence nor partner services had verified the claims.

The Strait of Hormuz remains a critical route, carrying roughly one-fifth of the world’s oil.

⦿ 16:10 GMT | UPDATE

Iran's Baghaei slams EU sanctions on officials

 Esmaeil Baghaei via X

Iran has strongly condemned new EU sanctions targeting officials over alleged human rights abuses.

In a post on X, Foreign Ministry spokesperson Esmaeil Baghaei asserted that the sanctions unfairly punish Iran for exercising what it considers its right to self-defence under Article 51 of the UN Charter.

The sanctions were approved by EU member states, targeting 19 Iranian officials and entities over alleged serious human rights violations, according to EU foreign affairs chief Kaja Kallas.

⦿ 15:50 GMT | UPDATE

Oman’s Sultan condemns attacks on territory

Reuters

Oman’s Sultan Haitham bin Tariq al-Said held a phone call with Iranian President Masoud Pezeshkian, condemning the ongoing attacks on Omani territory, according to the state news agency.

The Sultan reaffirmed Oman’s neutral position in the conflict and emphasized that the country will take all necessary measures to ensure its security and stability.

⦿ 15:44 GMT | UPDATE

Iraqi PM condemns “unjust war” on Iran

Reuters

Iraqi Prime Minister Mohammed Shia al-Sudani condemned the ongoing conflict targeting Iran, calling it an “unjust war,” during a phone call with Iranian President Masoud Pezeshkian.

Al-Sudani also extended condolences over the death of former Iranian Supreme Leader Ayatollah Ali Khamenei. He stressed that Iraq would not permit its territory to be used for attacks against Iran, warning that any strikes on Iraqi soil would violate the country’s sovereignty.

⦿ 15:31 GMT | UPDATE

Ongoing investigation indicates U.S. responsible for missile strike on Iranian school, officials tell New York Times 

New York Times

A targeting mistake by the U.S. military resulted in an airstrike on an Iranian elementary school, according to the preliminary findings of an ongoing U.S. army investigation, the New York Times reports.

⦿ 14:27 GMT | UPDATE

International Energy Agency proposes largest ever release of oil reserves to reduce crude prices 

Reuters

The IEA proposed releasing 400 million barrels of oil on Wednesday to bring down crude prices, which have soared amid the U.S-Israel conflict with Iran. 

The proposal exceeds the 182 million barrels of oil that IEA member countries put onto the market in two stages in 2022, when Russia launched its full-scale invasion of Ukraine.

⦿ 13:56 GMT | UPDATE

UNESCO 'deepy concerned' about world heritage sites in conflict zone 

Reuters

The United Nations's cultural agency urged all parties to protect the Middle East's outstanding cultural sites on Wednesday, saying four of Iran's 29 world heritage sites had been damaged since the start of the conflict. 

Director of the World Heritage Centre, Lazare Eloundou Assomo, said: "We are calling for the protection of all sites of cultural significance... everything that tells the history of all the civilisations of the 18 countries in the region."

Tehran's Golestan palace, often compared to Versailles, and a historic mosque and palace in Isfahan, central Iran, have been damaged in the conflict. 

⦿ 13:33 GMT | UPDATE

Germany relocates diplomatic staff in Iran and Iraq

Reuters

A Foreign Ministry Spokesperson said the staff had been temporarily moved because of thes security siutation in the Middle East. 

"The staff of these foreign missions have been temporarily relocated due to the current threat situation," the Spokesperson told a press conference on Wednesday. 

⦿ 13:05 GMT | UPDATE

Kazakhstan gasoline prices remain stable, Astana's Energy Minister 

Kapital.kz

Kazakhstan Energy Minister Yerlan Akkenzhenov told reporters on Wednesday that turmoil in the international oil market wasn't increasing fuel prices in the country. 

Akkenzhenov said that while the price of gasoline had risen in the U.S. and Persian Gulf, "in Kazakhstan it's not." 

⦿ 12:41 GMT | UPDATE

Iran's new Supreme Leader 'lightly injured,' Iranian official 

Reuters

Newly appointed Supreme Leader Mojtaba Khamenei was lightly injured but is continuing to operate, an Iranian official told Reuters on Wednesday. 

The official did not give details about when the 56-year-old was injured or why he had not made any statement to the public since being appointed. 

⦿ 12:25 GMT | UPDATE

New European Union sanctions on 19 Iranian officials 

X

EU Foreign Affairs High Representative Kaja Kallas said the new sanctions targeted 19 officials and entities who were "responsible for serious human right violations," in a post on X. 

She added: "As the Iran war continues, the EU will protect its interests and pursue those responsible for domestic repression. It also sends a message to Tehran that Iran’s future cannot be built on repression." 

⦿ 11:28 GMT | UPDATE

Ship hit in Strait of Hormuz smoking

Royal Thai Navy

Thai-flagged Mayuree Naree is seen smoking after being struck by an object. It is believed to be the same ship as referenced in the 04:36 post below.

Royal Thai Navy

Royal Thai Navy
Picture: Royal Thai Navy (via Reuters)
⦿ 11:18 GMT | UPDATE

KLM cancels all flights to Dubai

KLM Airlines

Due to the ongoing situation, the airline has postponed flights until and including the 28th March. Flights to and from Dammam and Riyadh are still suspended and due to resume tomorrow.

⦿ 10:44 GMT | UPDATE

Romania to allow U.S. planes at air base

Reuters

Romania is due to approve a US request to temporarily deploy fighter jets at its Black Sea air base to support the fight in the Middle East.

⦿ 10:26 GMT | UPDATE

Erdoğan: War must be stopped

Turkish Parliament

Türkiye's President Recep Tayyip Erdoğan has addressed Parliament and said on Wednesday that the war in Iran must be stopped before the whole region is "thrown into the fire".

He went on to say “regrettably, we see an entire people—who bear no responsibility for these events—forced to pay a heavy price, with no distinction made between women, children, the elderly, and civilians". He continued: "Despite the opportunity to resolve these issues at the negotiating table, our region is once again shrouded in the scent of blood and gunpowder due to miscalculations, poor assessments, and the provocations of a bloodthirsty network".

Erdoğan has repeatedly called for de-escalation and his country would be central to peace negotiations.

⦿ 10:15 GMT | UPDATE

Italy's PM addresses Italian Senate

Reuters

Giorgia Meloni says Iran cannot have both nuclear weapons and missiles for the safety of Italy and the world.

Meloni said: "I hope it is clear to everyone in this Chamber that we cannot allow an Ayatollah regime to possess nuclear weapons, combined with a missile capability that could soon be able to strike Italy and Europe directly. Even more so because this scenario would mark the end of the international non-proliferation framework and would trigger a nuclear arms race that would have dramatic repercussions on global security."

Italy is supplying air defence assets to Gulf countries along with other European allies. Italy reports that tens of thousands of Italian citizens are in the Middle East and 2000 Italian soldiers stationed in the region.

⦿ 09:56 GMT | BREAKING

UK Chancellor addresses Parliament committee

Parliament TV

Britain's Chancellor, Rachel Reeves, is being questioned by lawmakers and says it is too soon to tell what the impact of the Iran war is and the UK is working closely with the G7.

On a question by a committee member about rising fuel costs as a result of the war, Reeves says "it was not in our national interest to be involved in the conflict" and the UK "saw higher gas and oil prices after the war in Ukraine". She goes on to say the UK is working closely with Gulf and G7 allies.

The G7 countries are due to meet in a few hours with G7 energy ministers saying they will give "in principle" support for "strategic reserves"of energy to be used.

⦿ 09:10 GMT | EXCLUSIVE

Isfahan Governor General photographed with debris

Touraj Shiralilou, AnewZ Correspondent in Tehran

Mehdi Jamalinejad is photographed holding a piece of rocket that hit his office in the city of Isfahan, central Iran.

It comes as Russia's consulate in the Iranian city of Isfahan was damaged ​in shelling earlier this week, Russian ‌Foreign Ministry spokeswoman Maria Zakharova said on Tuesday.

Mehdi jamalinejad, Governor General of Isfahan province showing broken debris after U.S.-Israeli strikes in Isfahan, Iran, 11 March 2026.
Touraj Shiralilou
⦿ 09:02 GMT | UPDATE

Iran to target financial infrastructure

Iran state media

Ebrahim Zolfaqari, a spokesperson of the Khatam ol Anbia joint command, has said that Iran will target economic and banking interests linked to the U.S. and Israel in the region after an Iranian bank was attacked.

"With this illegitimate and uncommon action, the enemy is forcing our hand to target economic centres and banks linked to the U.S. and Zionist regime in the region." he said.

⦿ 08:55 GMT | UPDATE

IRGC forced through Supreme Leader appointment - sources

Reuters

Senior Iranian sources say the influential Revolutionary Guard Corps pushed for Mojtaba Khamenei to be appointed as he is a more pliant version of his father. They also say Mojtaba would support their hardline policies.

Mojtaba is known to have very strong ties with the IRGC forged in the years his father was in charge of Iran.

⦿ 07:43 GMT | BREAKING

4 injured in drone strikes in Dubai

Dubai Media Office

Officials in Dubai have confirmed that 4 foreign nationals have been injured in a drone incident around its International Airport. 

In a statement released by the media office on X, they confirmed that two Ghanaians, a Bangladeshi and an Indian sustained varying degrees of injuries in the incident.

The United Arab Emirates has continued to intercept strikes from Iran while condemning the Country's decision to target its Gulf neighbours.

⦿ 07:34 GMT | UPDATE

France sends humanitarian aid to Lebanon

TF1 Radio via Reuters

Around 60 tons of humanitarian aid is being sent to Lebanese communities affected by Israel's bombing of the alleged Hezbollah sites in the country. 

The shipment includes sanitation kits, hygiene kits, mattresses, lamps and a mobile medical post according to French Foreign Minister Jean-Noel Barrot.

⦿ 07:25 GMT | UPDATE

Russia phones Iran

Mehr News Agency

Russian President Vladimir Putin spoke to Iranian counterpart Masoud Pezeshkian ahead of the UN Security Council meeting slated for Wednesday.

Putin stressed the need for the international community to condemn criminal aggression by the U.S. and Israel against Iran in international forums.

The Russian President had also spoken to U.S. President Donald Trump offering options to mediate a ceasefire after reportedly speaking to Iran and leaders of Gulf countries.

⦿ 7:19 GMT | UPDATE

French inflation expected to stay low despite Iran conflict

Reuters

France’s inflation is set to remain low even as the war in Iran may nudge up global prices and slow growth slightly, Bank of France governor Francois Villeroy de Galhau told RTL on Wednesday.

“The meaning of this crisis is becoming clearer each day… a little more inflation and a little less growth,” he said, stressing that France is not facing stagflation and will maintain economic growth.

⦿ 7:14 GMT | UPDATE

China "does not agree" with attacks on Gulf states

Reuters

China “does not agree” with attacks on Gulf countries and condemns all indiscriminate strikes on civilians and non-military targets, Chinese Foreign Ministry spokesperson Guo Jiakun said at a press briefing on Wednesday.

⦿ 7:08 GMT | UPDATE

Saudi GP pushes to stay on F1 calendar amid Middle East tensions

Reuters

The Saudi Arabian Grand Prix is lobbying to remain on the F1 calendar, despite escalating military strikes in the Middle East, RacingNews365 reports.

The F1 is expected to reach a decision over the fate of the races as early as 20th March as concerns over equipment shipping and flight disruptions remain high. 

The Bahrain and Saudi races, both slated for mid-April, face possible postponement or cancellation.

⦿ 05:46 GMT | UPDATE

Head of Iraq Kurds welcomes Supreme Leader Mojtaba Khamenei

Mehr News Agency

Nechirvan Barzani, the head of Iraq’s Kurdistan region, congratulated Ayatollah Seyyed Mojtaba Khamenei on his appointment as Iran’s new leader.

⦿ 05:23 GMT | UPDATE

Iranian woman footballer returns to Iran

X/Australian Government  

One of the Iranian women footballers has decided to go back to Iran, after being offered asylum. Minister of the interior Tony Burke granted humanitarian visas to 5 members of the football team after concerns arose for their safety.

The team were in Australia to participate in the Asia Cup tournament where they refused to sing their national anthem at the start of some matches.

⦿ 5:00 GMT | UPDATE

Israeli strikes hit apartment building in central Beirut

Reuters

Israeli airstrikes have hit an apartment building in central Beirut on Wednesday, Lebanese state media report, marking the city’s second strike in recent days.

There has been no immediate comment from the Israeli military and no reports of casualties so far. A previous strike on Sunday killed five members of Iran’s Islamic Revolutionary Guard Corps.

⦿ 4:50 GMT | UPDATE

Iran says U.S- Israeli strikes have destroyed 10,000 civilian sites

Reuters

Iran’s UN Ambassador Amir Saeid Iravani has said that U.S. and Israeli airstrikes have destroyed nearly 10,000 civilian sites since the conflict began on 28 February, including 65 schools and almost 8,000 homes.

He also reiterated that the strikes have killed more than 1,300 civilians, according to his statement to the United Nations on Tuesday.

⦿ 4:47 GMT | UPDATE

North Korea condemns U.S.-Israeli strikes on Iran as ‘illegal aggression’

Reuters

North Korea has strongly condemned what it calls “illegal” attacks by the United States and Israel against Iran, saying the actions are destroying peace and worsening global instability, the state news agency KCNA reported on Wednesday.

⦿ 4:45 GMT | UPDATE

Macron to hold G7 call on energy impact of Middle East conflict

Reuters

France’s President Emmanuel Macron is set to hold a video call with fellow G7 leaders at 14:00 GMT on Wednesday to discuss the impact of the Middle East conflict on global energy markets, the Élysée Palace has said.

The talks are expected to focus on how the escalating tensions are affecting energy supplies and prices, as well as possible measures the major economies could take to stabilise the situation.

The virtual meeting comes amid growing concern that the conflict could disrupt key oil and gas routes, adding further pressure to already volatile energy markets.

⦿ 04:36 GMT | UPDATE

Container ship sustains damage near UAE

Reuters

A vessel is reporting it has sustained damage from a suspected but unknown projectile on Wednesday, said the United Kingdom Maritime Trade Operations (UKMTO). The ship is 46 km northwest of Ras Al Khaimah in the United Arab Emirates.

Damage is unknown but all crew are safe.

⦿ 04:02 GMT | UPDATE

UN Security Council due to meet later today

United Nations

Countries are set to vote on two competing resolutions surrounding the crisis in the Middle East. The main one, sponsored by over 90 countries, demands an immediate cessation of all attacks and threats by Iran against the six Gulf countries and Jordan, including through proxies. It also condemns any actions or threats by Tehran that would close or interfere with international navigation through the crucial Strait of Hormuz.

Russia has introduced a competing draft. Naming no countries, the text condemns all attacks against civilians and urges all parties to stop fighting and return to negotiations.

UN Security Council Representatives attend a United Nations Security Council meeting, after the U.S. and Israel launched strikes on Iran, at the U.N. headquarters in New York City, U.S. February 28, 2026
Reuters
⦿ 03:31 GMT | UPDATE

Ukraine sends specialist help

Reuters

Ukraine has sent air defence teams to Qatar, the United Arab Emirates and Saudi Arabia to help them in their fight against Iran's aerial attacks, President Volodymyr Zelenskly said on Tuesday.

⦿ 03:17 GMT | UPDATE

Drone strikes U.S. diplomatic facility

Reuters

An internal State Department alert confirms drone struck the Baghdad Diplomatic Support Center, a major U.S. diplomatic facility in Iraq, on Tuesday. Individuals at the facility were ordered to "duck and cover". No injuries reported and everyone was accounted for.

⦿ 02:49 GMT | UPDATE

Iran fires missiles against U.S. and Israel

AFP

AFP reports Iranian state media said the barrage overnight was the "most intense and heaviest" since the start of the conflict. Tehran said it fired a new salvo against US targets in the region.

The U.S. Secretary of Defence had earlier said that  Tuesday (10 March), would mark the most intense day of strikes against Iran featuring the highest volume of bombers and fighters as part of ongoing "Operation Fury". 

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