Fears of Global Energy Crisis Surge as Iran Strikes Dubai Airport and Disrupts Shipping

BEIRUT, Lebanon — Concerns over a potential global energy crisis intensified on Monday amid ongoing military actions in the Middle East. The situation escalated with increased U.S.-Israeli strikes on Iran and Israel’s bombardment of Lebanon. A drone attack by Iran temporarily closed Dubai International Airport, a key global travel hub, highlighting the risks posed to the world economy.

Since the U.S. and Israel launched attacks on Iran over two weeks ago, Tehran has retaliated by targeting Israel, U.S. military bases in the region, and the energy infrastructure of Gulf Arab nations with drones and missiles. The conflict has effectively halted shipping traffic in the Strait of Hormuz, a vital passage for approximately 20% of the world’s oil supply, leading to a significant rise in oil prices and mounting pressure on Washington to alleviate the financial burden on consumers.

Brent crude oil prices remained above $100 per barrel on Monday, trading at $104 in early sessions, marking a nearly 45% increase since the U.S. and Israel’s initial strikes on February 28. Prices have surged as high as $120 during the ongoing conflict.

U.S. President Donald Trump stated he has requested that about seven nations send warships to ensure the Strait of Hormuz remains open. However, these appeals have yet to yield any commitments from those nations. Iranian Foreign Minister Abbas Araghchi dismissed suggestions that Iran is seeking a negotiated resolution to the conflict, labeling such claims as “delusional” and asserting that Iran is not pursuing “truce nor talks.”

Iranian Drone Strike Closes Dubai Airport

On Monday morning, a drone struck a fuel tank near Dubai International Airport, igniting a large fire. Firefighters managed to contain the blaze, and no injuries were reported. However, all flights were suspended temporarily before operations resumed hours later.

In a separate incident, an Iranian missile hit a vehicle in the capital of the United Arab Emirates, resulting in one fatality, according to the Abu Dhabi media office. Additionally, a drone attack caused a fire at an oil facility in Fujairah, one of the UAE’s seven emirates.

Saudi Arabia reported intercepting a wave of 35 Iranian drones aimed at its eastern region, which houses significant oil installations. Since the onset of the conflict, Iran has launched hundreds of missiles and drones targeting countries in the region that host U.S. military assets. Emirati authorities indicated that most of these threats have been intercepted by air defenses, although debris and some drones have landed within the country.

Israel’s military confirmed that Iran also launched missiles toward Israel early Monday.

The ongoing conflict is severely impacting the global economy, driving up energy and fertilizer prices, threatening food shortages in impoverished nations, destabilizing fragile states, and complicating efforts by central banks to control inflation. Much of the turmoil is attributed to the near-total shutdown of the Strait of Hormuz.

Trump Warns Allies on Strait Security

Trump expressed his intent to secure the Strait of Hormuz for shipping, emphasizing concerns that rising prices for American consumers could adversely affect Republican prospects in the upcoming elections. He did not specify which countries he had approached for assistance but warned that he would remember those who decline to help. He has previously reached out to nations including China, France, Japan, South Korea, and Britain.

Ahead of a meeting in Brussels, the European Union’s foreign policy chief Kaja Kallas indicated that EU foreign ministers would discuss the possibility of extending a naval mission that currently protects ships in the Red Sea to the Strait of Hormuz, although no specific details were provided.

European leaders have criticized the U.S. and Israel for lacking clarity regarding their objectives in the ongoing conflict. German Foreign Minister Johann Wadephul questioned the EU’s involvement, asserting that security for the strait could only be achieved through a negotiated solution.

Japanese Prime Minister Sanae Takaichi informed parliament that her government had not received any communication from Washington regarding Trump’s request for assistance in securing the strait. Nonetheless, discussions have taken place concerning the protection of Japanese vessels, although Defense Minister Shinjiro Koizumi stated there are no plans to deploy warships to the strait under current circumstances. Japan, which imports over 90% of its crude oil from the Middle East, began releasing its oil reserves on Monday to mitigate supply shortages and rising prices.

Israel Intensifies Attacks on Beirut and Tehran

Massive explosions were reported in Beirut as Israel launched new strikes against the Lebanese capital, targeting infrastructure associated with the Iran-backed Hezbollah militia. The Israeli army issued evacuation orders for numerous neighborhoods in Beirut and southern Lebanon, with over 800,000 individuals displaced by Israel’s military campaign in Lebanon.

In southern Lebanon, one person was killed in an Israeli airstrike early Monday, followed by the deaths of two paramedics who arrived at the scene, as reported by Lebanon’s state-run National News Agency. The death toll from Israeli strikes has reached at least 850.

Shortly after announcing new strikes on Tehran, explosions were also reported in the Iranian capital and surrounding areas. The Iranian Red Crescent reported that more than 1,300 individuals have died in Iran as a result of the conflict. Israel has conducted approximately 7,600 strikes on Iran, reportedly disabling 85% of its air defenses and destroying 70% of its missile launchers. Despite these efforts, Israeli military spokesman Lt. Col. Nadav Shoshani indicated that thousands of targets remain and that operations will continue “for as long as needed.”

In Israel, 12 individuals have died due to Iranian missile attacks, and at least 13 U.S. military personnel have also been killed.

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Published on 2026-03-16 09:32:00 • By Editorial Desk