Smoke rises from an Israeli airstrike that targeted a building in the Ruwais neighborhood in Beirut's southern suburbs on March 11, 2026. - / AFP
Iran said on Wednesday, March 11, it was ready for a long war of attrition that would "destroy" the world economy, after firing on two commercial ships and threatening any vessels from the United States or its allies. As Tehran tightened its chokehold on the Strait of Hormuz, a vital sea passage for the global oil trade, US President Donald Trump said the war would end "soon" as there was little left for US forces to target in Iran. Oil prices have surged since February 28, when the United States and Israel attacked Iran, killed its supreme leader and plunged the Middle East into war. In an attempt to manage price jumps, the International Energy Agency said its member countries would unlock 400 million barrels of oil from their reserves – the biggest such release ever.
With the conflict now in its 12th day, Iran's Revolutionary Guard vowed to target "economic centers and banks" that it deems linked to US and Israeli interests, prompting more international firms to evacuate employees from Dubai. But all eyes were on the Strait of Hormuz, through which 20% of global crude and liquified natural gas passes. The US and Israel "must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy," Ali Fadavi, advisor to the Revolutionary Guards' commander-in-chief, told state television.
