The military operation against Iran entered its twelfth day on Wednesday. All eyes turn to the international energy markets as multiple cargo ships were attacked in the critical Strait of Hormuz supply chain chokepoint off the coast of Iran, while leaders of the world’s major economies are set to meet later today to discuss the largest ever release of emergency oil reserves.
****
**Wednesday’s live updates below. All updates in Eastern time**
10:55 AM: Trump hints conflict will end “soon” in Iran
Speaking to Axios on Wednesday, U.S. President Trump said that the conflict in Iran will come to a close “soon” as there is “practically nothing left to target.”
“Little this and that… Any time I want it to end, it will end,” Trump told the outlet.
10:35 AM: Record emergency oil reserves to be released
The 32-member International Energy Agency, which represents some of the largest economies in the world, unanimously voted to sell 400 million barrels of oil from its emergency reserves available on the international market to stablize prices amid the ongoing conflict in Iran.
IEA Executive Director Fatih Birol said: “The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size.”
“Oil markets are global so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together,” she added.
IEA members, including the United States, collectively have more than 1.2 billion barrels of oil in reserve, and another 600 million barrels are currently held under government obligation.
The move on Wednesday will mark the largest release of oil reserves in history, far surpassing the previous record set in 2022 following the Russian invasion of Ukraine, when 182 million barrels were released.
10:05 AM: Iran backs out of World Cup
Iranian Sports Minister Ahmad Donyamali said on Wednesday that its country will not participate in the upcoming FIFA World Cup in the United States, citing the ongoing conflict with the U.S. and Israel, and the killing of Supreme Leader Ali Khamenei in an air strike.
“Considering that this corrupt regime [the U.S.] has assassinated our leader, under no circumstances can we participate in the World Cup,” the minister is quoted as saying. Breitbart’s Simon Kent has more here.
10:00 AM: Israel demands U.N. designate IRGC as terrorists
Israeli Foreign Minister Gideon Saar wrote a letter to the United Nations Security Council and the current president of the council, American Ambassador Mike Waltz, calling for the Islamic Revolutionary Guard Corps (IRGC) to be designated as a terrorist organisation.
The United States already designated the Iranian military branch as a terrorist organisation during the first Trump administration over the IRGC’s promotion of terrorism throughout the region with its proxy groups. The European Union followed suit in February, following the deadly crackdown against anti-government protests, which reportedly saw tens of thousands killed by the regime in Tehran and the IRGC.
9:25 PM: In response to the conflict in Iran, the leftist government in Spain officially terminated its ambassador position to Israel on Wednesday, formalising the move to recall its ambassador last September as relations frayed. According to El Mundo, Madrid will still keep “a chargé d’affaires” at its embassy in Tel Aviv.
The socialist-led government of Prime Minister Pedro Sánchez has been a leading critic of Operation Epic Fury and has refused to allow military bases in its country to be used by the United States to launch strikes against the mullahs in Tehran. In turn, President Trump has threatened to enact a full trade embargo on Spain.
8:50 AM: EU sanctions Iranians
The European Union’s top diplomat, High Representative for Foreign Affairs Kaja Kallas, announced on Wednesday that the bloc will levy sanctions against 19 Iranian nationals.
“Today, EU Member States ambassadors approved new sanctions targeting 19 regime officials and entities responsible for serious human rights violations,” she said.
“As the Iran war continues, the EU will protect its interests and pursue those responsible for domestic repression. It also sends a message to Tehran that Iran’s future cannot be built on repression,” Kallas added.
8:45 AM: Four injured in drone attack at Dubai Airport
An Iranian attack drone that fell at the Dubai International Airport on Wednesday resulted in four people being injured, the Dubai Media Office said. Two Ghanaian nationals and a Bangladeshi national suffered minor injuries, while an Indian national suffered moderate injuries. The attack has not disrupted air traffic.
8:05 AM: Supreme Leader ‘safe and sound’, claims Tehran
The son of Iranian President Masoud Pezeshkian and government advisor Yousef Pezeshkian reportedly claimed that recently selected Iranian Supreme Leader Mojtaba Khamenei is well, despite reports that he was injured in an Israeli strike.
“I heard news that Mr Mojtaba Khamenei had been injured. I have asked some friends who had connections. They told me that, thank God, he is safe and sound,” Pezeshkian wrote on Telegram, according to the Times of Israel.
The younger Khamenei was selected by the so-called Assembly of Experts on Monday to replace his father, Ayatollah Ali Khamenei, as the Islamist regime’s dictator after the elder Khamenei was killed in an air strike during the opening moments of the military operation against Iran by the United States and Israel.
7:45 AM: Oil reserves to the rescue?
The Paris-based International Energy Agency (IEA) will meet later today for crunch talks to discuss the release of a potential record amount of emergency oil reserves to stabilize international crude prices amid the conflict in Iran, which has caused disruptions to supply amid drone and missile strikes throughout the Gulf, and a slowdown of traffic through the Strait of Hormuz.
According to a Wall Street Journal report, the 32-member organisation, which represents some of the world’s largest economies, including the United States, is considering releasing 400 million barrels of oil. This would be more than double the previous record, which was set in 2022 following Russia’s invasion of Ukraine, when member states released 182 million barrels of emergency reserves. It is not a given that the move will be made on Wednesday; however, just one member state could significantly delay proceedings if it objects to the plan.
7:40 AM: Strikes in the Strait
At least three cargo ships were hit in suspected Iranian attacks in the Strait of Hormuz on Wednesday, the United Kingdom Maritime Trade Operations (UKMTO) said.
This included a Thai-flagged ship, the Mayuree Naree, which caught fire after being struck by an “unknown projectile”. The fire was fortunately extinguished, and a skeleton crew has remained on the ship after most were evacuated.
Meanwhile, the Japanese-flagged ship One Majesty and the Marshall Islands-flagged Star Gwyneth also suffered damage from “unknown projectiles”.According to the Times of London, at least 14 ships have been struck while attempting to pass through the Strait of Hormuz since the conflict in Iran broke out late last month.
Preserving the flow of energy shipments through the passage will likely be critical to the ability to sustain the war effort against the Islamist regime, which is attempting to use the global energy markets as an effective hostage.
President Donald Trump has said that he will consider deploying the Navy to protect ships as they pass through the Strait and has offered to provide risk insurance to cargo ships making the dangerous journey. President Trump also threatened to dramatically escalate strikes on the regime in Tehran if it lays mines in the waterway.
For earlier Livewire updates from Tuesday, please click here
