Live Updates: Iran war escalates, energy prices spike after Israeli strike on South Pars gas field - CBS News
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The Bottom Line
Iran struck Middle East energy facilities in response to an Israeli strike, escalating regional conflict and driving oil prices higher.
How This Affects You
Rising energy prices from Middle East escalation will increase gas prices and home heating costs for American consumers.
AI Summary
Israel struck Iran's South Pars gas field, escalating military tensions between the two countries. The attack has triggered a sharp rise in global energy prices, reflecting market concerns about potential disruptions to oil and gas supplies from a region that is a critical energy source. The strike represents a significant escalation in the months-long cycle of Israeli and Iranian military exchanges. Iran's energy infrastructure is now a direct target, raising the stakes for further retaliation and complicating efforts to contain the conflict. Markets are pricing in the risk of broader regional instability and possible supply shocks.
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Targeting of energy facilities turned Iran war into worst-case scenario for Gulf states
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FinanceCracks emerged in a resilient US economy before war in Iran sent oil prices rocketing - AP News
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Global‘I don’t give a shit about Iran. I don’t want to pay higher gas’: Motor City motorists feel pinch as gas prices surge
<p>Drivers in Detroit are unhappy with the spike in gas prices, even if reactions are mixed to the US-Israel war on Iran</p><p>On a rainy <a href="https://www.theguardian.com/us-news/detroit">Detroit</a> afternoon at a gas station off Interstate 75, Victor Rodriguez watched the pump tally tick up as he filled up his F-250 diesel pickup truck for $4.19 per gallon. It totaled $110. “Ridiculous,” he said.</p><p>The <a href="https://www.theguardian.com/world/us-israel-war-on-iran">US-Israel war on Iran</a> has <a href="https://www.theguardian.com/business/2026/mar/12/middle-east-war-creating-largest-supply-disruption-in-the-history-of-oil-markets">crippled major portions</a> of the oil supply chain, sending gas prices soaring as the conflict enters its third week. Rodriguez said he supports “getting rid of this thug”, referring to Iran’s <a href="https://www.theguardian.com/world/2026/mar/08/death-of-khamenei-seen-as-irans-berlin-wall-moment">Ayatollah Ali Khamenei</a>, who was killed b...
GlobalFuel rations and no air con: south-east Asian nations race to conserve energy
<p>Governments in countries heavily reliant on Middle Eastern oil introduce measures to shield public from soaring costs</p><ul><li><p><a href="https://www.theguardian.com/world/live/2026/mar/17/iran-war-live-updates-news-israel-trump-strikes-us-embassy-baghdad-strait-of-hormuz-middle-east-latest">Middle East crisis – live updates</a></p></li></ul><p>In Thailand, news anchors ditched their jackets on air as the government called on the public to reduce their use of air conditioning to save energy. In the Philippines, many government workers are now operating on a four-day week. In Vietnam, officials have urged employers to allow staff to work from home.</p><p>Across south-east Asia, governments are scrambling to find ways to conserve energy and shield the public from soaring costs as war in the Middle East causes what the International Energy Agency has described as the largest supply disruption in the history of the global oil market.</p> <a href="https://www.theguardian.com/world/...
Why experts say the Iran war underscores risks of Trump's all-in focus on oil
As crude oil prices rise above $100 a barrel and gasoline prices surge toward $4 a gallon, Trump's strategy of blocking clean energy such as wind and solar power has left Americans with fewer alternative energy sources and thus more vulnerable to supply shocks caused by the war, experts say.
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First Thing: Trump says US does not need Nato after strait of Hormuz rebuf | Clea Skopeliti
<p>Snub comes as Iran vows revenge for killing of Ali Larijani. Plus, judge orders reinstatement of Voice of America staff</p><p>Good morning.</p><p>Donald Trump has said the US does not need Nato after a number of the organization’s members <a href="https://www.theguardian.com/world/2026/mar/17/trump-us-president-nato-strait-of-hormuz-iran-middle-east">rejected his call to send their warships</a> to reopen the strait of Hormuz.</p><p><strong>How many people have been displaced in Iran?</strong> Up to 3.2 million people, according to the UN’s refugee agency. Here, Tehran residents <a href="https://www.theguardian.com/world/2026/mar/18/iranians-daily-life-under-air-attack">speak about their daily life</a> under bombardment.</p><p><strong>For the latest updates,</strong> <a href="https://www.theguardian.com/world/live/2026/mar/18/iran-war-live-updates-oil-prices-hormuz-trump-larijani-key-leader-killed-israel-strikes">follow our liveblog.</a></p> <a href="https://www.theguardian.com/us...
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