In a further escalation of the ongoing conflict, Israel's air force struck Revolutionary Guard Corps sites in Tehran and Isfahan on March 12, following initial US-Israeli attacks earlier in the month. Iran retaliated with missiles and drones targeting Israel, US bases, and Gulf states, while attacks on shipping in the Strait of Hormuz—through which 20% of global oil passes—have raised fears of a major energy crisis.
Israel's Defense Forces (IDF) confirmed selective airstrikes on Iranian military and logistics targets, including Islamic Revolutionary Guard Corps (IRGC) drone/missile facilities, planning centers, and special unit bases in Tehran and Isfahan. The IDF labeled these as central to Iran's regional aggression.
Iran's response intensified, with strikes on civilian infrastructure, transport, and commercial vessels in the Persian Gulf. At least three merchant ships, including a Thai-flagged cargo vessel that exploded, were hit by projectiles amid 14 total attacks since hostilities escalated. The IRGC threatened to blockade the Strait of Hormuz while Israel's campaign continues, detaining hundreds of vessels.
This poses the gravest threat to global energy supplies since the 1970s oil crises, with Iranian analysts predicting crude prices up to $200 per barrel. The International Energy Agency responded by releasing 400 million barrels from strategic reserves. The Guardian quoted Iranian warnings of potential 'global economic chaos,' building on the conflict's origins in early March joint US-Israeli operations against Iran's missile and nuclear capabilities.
