US To Provide 172 Million Barrels To IEA Oil Reserve Release

RFE
11 Mar 2026, 12:00 GMT+10

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02:04

Iran Continues To Target Gulf Oil Sites With Eye On '$200 A Barrel'

Iran continued to attack Gulf oil fields and shipping, telling the world to prepare for petroleum at $200 a barrel, a price that, if it should occur, would be sure to roil the world economy.

Saudi Arabia early March 12 said it intercepted a drone heading toward the massive Shaybah oil field, often a target of Iranian projectiles since the US-Israeli air strikes that began on February 28.

File photo of the oil fields at Shaybah, Saudi Arabia.

"A drone heading towards the Shaybah oil field was intercepted and destroyed," a spokesman for the country's Defense Ministry posted on X.

Saudi officials a day earlier also said defense forces had intercepted several drones targeting the oil field, which is one of the most important in the kingdom, which has long been a geopolitical rival of Iran.

Separately, Bahrain on March 12 said Iran had hit fuel tanks in the Muharraq region of the small island nation and urged area residents to remain at home.

"The blatant Iranian aggression targets fuel tanks at a facility in Muharraq Governorate," Bahrain's Interior Ministry said.

The UN Security Council on March 11 condemned Tehran's attacks on Gulf states and other countries in the region, with Russia and China abstaining in the vote.

It also said it "condemns any actions or threats by the Islamic Republic of Iran aimed at closing, obstructing, or otherwise interfering with international navigation through the Strait of Hormuz."

Meanwhile, at least one crew member was killed in an attack on two oil tankers near Iraq, authorities in Baghdad said, calling the action "sabotage" but not directly blaming Iran. Risk analysts pointed to Iranian explosive-laden boats as the culprits.

Oil prices soared earlier in the week to nearly $120 a barrel before settling back to around $90. They rose 5 percent on March 11 amid renewed fears about supply disruption.

Iran vowed to keep up the economic pressure on the rest of the world.

"Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilized," Iranian military spokesman Ebrahim Zolfaqari said in comments directed at the United States.

Wit reporting by Reuters and AFP

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01:07

US To Provide 172 Million Barrels To IEA Oil Reserve Release

The United States said it would release 172 million barrels of oil from its strategic reserve, part of a wider program by the 32 member nations of the International Energy Agency to put 400 million extra barrels on the market.

Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President [Donald] Trumps request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves,"a statement said.

Gasoline prices, shown here in Los Angeles, have risen following the US-Israeli air strikes against Iran.

The IEA said its members had agreed to release 400 million barrels into the market to help keep stem price rises.

The move comes as oil prices have surged amid fears of a major disruption to output and shipping in the Gulf region following the US-Israeli air strikes against Iran and subsequent retaliatory strikes by Tehran in the Gulf region.

For 47 years, Iran and its terrorist proxies have been intent on killing Americans. They have manipulated and threatened the energy security of America and its allies. Under President Trump, those days are coming to an end," the statement said.

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22:13

11.3.2026

US Security Council Condemns Iran's Attacks; Russia, China Abstain

The UN Security Council on March 11 condemned Tehran's attacks on Gulf states and other countries in the region, with Russia and China abstaining in the vote.

The Security Council resolution called on Iran to immediately cease its attacks on Gulf states, saying the strikes are in violation of international law and pose a "serious threat to international peace and security."

The resolution demands "the immediate cessation of all attacks by the Islamic Republic of Iran against Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Jordan."

Smoke rises after an attack on the Bapco refinery in Bahrain, one of the Gulf nations targeted by Iran.

Thirteen of the 15 members of the Security Council voted in favor of the text submitted by nonpermanent member Bahrain.

Tehran continues to target Gulf Arab allies of the United States with missile and drone attacks in retaliation for the US-Israeli air strikes against Iran.

The resolution called for an immediate end to the Iranian attacks and also criticized Iran's use of proxy groups such as Hezbollah in Lebanon.

Iran condemned the resolution, saying it was a "misuse" of the Security Council.

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19:48

11.3.2026

Zelenskyy Says Ukrainian Anti-Drone Teams Working In Gulf Countries

Ukrainian President Volodymyr Zelenskyy said on March 11 that Ukrainian counter-drone experts had begun work in three Gulf countries that have been targeted by Iranian attacks.

Kyiv has offered toshare its experience in shooting down Russian drones to help Gulf states that are being targeted by the same Iranian-designeddrones that Russia is using against Ukraine.

Ukrainian President Volodymyr Zelenskyy showcases a downed Iranian-made Shahed kamikaze drones that Russia used to attack Ukraine, in Kyiv in October 2022.

"Three teams have been dispatched -- powerful teams of experts, military personnel, engineers, and various individuals. Today, [they] are communicating and cooperating and have begun their work," Zelenskyy told reporters.

The Ukrainian president's spokesman also separately confirmed that the three countries include Qatar, the United Arab Emirates, and Saudi Arabia.

A senior official told AFP that another Ukrainian team was also in Jordan, but did not provide further details.

Ukraine uses a combination of cheap interceptor drones, electronic warfare devices to jam signals, and anti-aircraft guns to shoot down Russian drones.

Kyiv has proposed substituting its interceptor dronesforexpensive air defense missiles that Gulf states currently use to shoot down Iranian drones.

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19:01

11.3.2026

Russia Evacuates 150 Personnel From Iran's Bushehr Nuclear Plant, 450 Remain

Russia's state nuclear corporation evacuated about 150 personnel from the Russian-built Bushehr nuclear power plant in Iran overnight, the head of Rosatom said on March 11.

Aleksei Likhachev said it was the second round of evacuations since the US-Israeli strikes on Iran began on February 28, but that some 450 Rosatom personnel remain at the site.

A Russian worker walks past the Bushehr nuclear power plant, located 1,200 kilometers south of Tehran (file photo)

Likhachev said the situation was tense, with some "strikes and explosions" occurring close to the plant on the Persian Gulf, but that so far "the participants in the conflict have refrained from direct attacks" on the site.

Bushehr, which has one reactor, is Iran's only operational nuclear power plant. Rosatom is building two more reactors there, but Likhachev said last week that construction work had halted.

With reporting by Interfax and Reuters

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17:56

11.3.2026

Fuel Tanks At Omani Port Struck By Drones

Omani state media reported March 11 that fuel tanks at the country's port of Salalah were targeted by a drone attack.

The official Oman News Agency, citing a security source, said several drones were shot down while others attacked fuel tanks in the port of Salalah. The agency said there were no casualties in the attack.

Private maritime security company Vanguard Tech announced the suspension of operations at the port after an attack on its southern part.

Images of flames spreading from fuel tanks at the Port of Salalah have been released.