Iran targets ships, airports, and oil facilities as fears grow over global energy supply

DUBAI, United Arab Emirates — Iran launched a series of attacks across the Persian Gulf on Wednesday, striking commercial ships, targeting Dubai International Airport, and threatening financial institutions in the Middle East as tensions from the ongoing conflict with the United States and Israel intensified and global energy markets braced for further disruption.

Two Iranian drones struck near Dubai International Airport, the hub for the long-haul carrier Emirates and the world’s busiest airport for international travel. Four people were reported wounded in the incident, though operations at the airport continued without major interruption, according to the Dubai Media Office.

Iran’s joint military command also announced plans to begin targeting banks and financial institutions across the Middle East, a move that could place financial hubs such as Dubai in the United Arab Emirates, as well as Saudi Arabia and Bahrain, at heightened risk.

Earlier Wednesday, a projectile struck a Thai cargo ship in the Strait of Hormuz off the coast of Oman, igniting a fire onboard. Authorities are searching for three missing crew members from the vessel Mayuree Naree after 20 others were rescued by the Omani navy, according to Thailand’s Marine Department.

The attacks have effectively halted cargo traffic in the narrow Strait of Hormuz, a vital maritime passage through which roughly one-fifth of the world’s oil supply is transported. Iran has also reportedly targeted oil fields and refineries in Gulf Arab states, an effort analysts say is designed to inflict economic pressure on global markets and compel the United States and Israel to halt their ongoing airstrikes.

The escalating conflict has triggered diplomatic action at the United Nations. The U.N. Security Council was scheduled to vote Wednesday on a resolution sponsored by the Gulf Cooperation Council calling on Iran to stop attacks on its Arab neighbors.

Meanwhile, witnesses reported continuous airstrikes hitting Tehran after Israel said it had renewed its military operations against Iranian targets. Explosions were also reported in Beirut and southern Lebanon, where Israel said it was striking sites linked to Hezbollah, the Iran-backed militant group.

One attack in central Beirut set a building ablaze in the densely populated Aicha Bakkar district, with flames engulfing the top two floors. Lebanon’s Health Ministry reported four people wounded in the incident.

Additional Israeli strikes in southern and eastern Lebanon killed 14 people, while a Red Cross worker died Wednesday from injuries sustained earlier in the week when his rescue team was hit during an Israeli strike. According to Lebanon’s Health Ministry, at least 570 people have been killed in the country since the latest round of fighting began.

Hezbollah has launched rockets toward Israel following the broader conflict triggered by surprise airstrikes on Iran by the United States and Israel. Air raid sirens sounded in Tel Aviv and other Israeli cities amid warnings of Iranian attacks, though no immediate casualties were reported.

Saudi Arabia said its air defenses intercepted six ballistic missiles aimed at Prince Sultan Air Base, a major facility jointly operated by U.S. and Saudi forces. Two drones were also intercepted over the eastern city of Hafar al-Batin.

Maritime security incidents also continued in regional waters. The United Kingdom Maritime Trade Operations center reported an attack on a container ship near the United Arab Emirates, with the extent of damage still under investigation. Another vessel in the Persian Gulf was reportedly struck by a projectile, though its crew was confirmed safe.

The maritime attacks followed intense U.S. airstrikes on Tuesday targeting Iranian naval assets and the strategic port city of Bandar Abbas.

Iran’s warning against financial institutions came shortly after an attack on a Tehran branch of Bank Sepah, a state-owned bank sanctioned by the United States for allegedly financing Iran’s armed forces. The strike killed several staff members, according to the state-run IRNA news agency.

Diplomatic pressure continues to mount. A draft resolution circulating at the United Nations condemns Iranian attacks on Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Jordan, and calls for an immediate halt to all strikes and threats against neighboring states, including those carried out through allied militant groups.

If adopted, it would be the first Security Council resolution considered since the conflict began on Feb. 28.

Global energy markets are already reacting. While oil prices retreated slightly from earlier peaks, Brent crude — the international benchmark — remained about 20 percent higher Wednesday than when the conflict began.

Several countries have begun tapping emergency reserves to stabilize supply. Germany and Austria announced plans to release portions of their oil reserves following a request from the International Energy Agency for member nations to collectively release 400 million barrels of crude to ease price pressures.

The largest previous coordinated release by IEA member states occurred in 2022 after Russia’s full-scale invasion of Ukraine, when 182.7 million barrels were released from strategic reserves.

Japan also announced it would begin releasing part of its reserves starting Monday.

Military tensions around the Strait of Hormuz remain high. The U.S. military said Tuesday it destroyed 16 Iranian minelayers near the strait, though U.S. President Donald Trump said there were no confirmed reports that Iran had mined the crucial shipping route.

Security analysts warn that if mines were deployed in the strait, clearing them could take weeks even after hostilities end.

Shipping traffic through the passage has sharply declined. Security firm Neptune P2P Group reported that only seven ships have passed through the strait since March 8, compared with the typical daily traffic of more than 100 vessels. Of the seven ships, five were reportedly linked to Iranian-associated shipping.

Some vessels have been conducting so-called “dark transits,” turning off their Automatic Identification System trackers to conceal their movements — a practice often used by tankers carrying sanctioned Iranian crude.

Commodity-tracking firm Kpler also reported that Iran has resumed crude exports through its Jask oil terminal on the Gulf of Oman. One tanker reportedly loaded about two million barrels of oil at the terminal on March 7.

Meanwhile, concerns are growing about the health of Iran’s newly installed Supreme Leader, Ayatollah Mojtaba Khamenei, following reports that he may have been injured. The 56-year-old leader, who assumed the role earlier this week after the death of his father, Ayatollah Ali Khamenei, has not been seen publicly since Monday. His father and wife were reportedly killed in an Israeli airstrike during the first day of the conflict.

Casualties continue to rise across the region. In addition to the 570 deaths reported in Lebanon, Iranian authorities say more than 1,300 people have been killed inside Iran. Israel has reported 12 fatalities, while the United States confirmed that seven of its soldiers have been killed and eight others severely wounded since the fighting began.