Iran-US-Israel Conflict Escalates, Gulf States Targeted
Analysis based on 44 articles · First reported Mar 07, 2026 · Last updated Mar 07, 2026
The escalating conflict between Iran, the United States, and Israel, coupled with Iran's attacks on Gulf Arab states, has significantly rattled global markets. Oil prices have surged, with a barrel of benchmark U.S. crude rising above $90, and there are warnings of a widespread shutdown of Gulf energy exports that could send oil to $150 a barrel, severely impacting global economies. Air travel has also been disrupted, notably at United Arab Emirates===Dubai International Airport.
A week-long conflict has escalated in the Middle East, primarily involving Iran, the United States, and Israel. The war began after a Feb. 28 airstrike killed Iran's Supreme Leader Ali Khamenei. Iran's President Masoud Pezeshkian apologized for attacks on neighboring countries, but its paramilitary Islamic Revolutionary Guard Corps appears to be acting independently, launching missiles and drones at Gulf Arab states like Saudi Arabia, Bahrain, and the United Arab Emirates, disrupting air travel and targeting oil facilities. The U.S. and Israel have conducted extensive airstrikes against Iran, targeting its military and nuclear program, with warnings of an even more intense bombing campaign to come. Casualties are mounting in Iran, Lebanon, and Israel. The conflict has also affected naval operations, with an Iranian warship sunk by a U.S. submarine and other Iranian vessels seeking assistance. The situation has led to a leadership vacuum in Iran, with calls for a new supreme leader, and has caused significant instability in global energy markets.
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