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US–Iran War Reaches Two-Week Mark as Strikes Continue and Oil Markets Reel

The US–Iran war reached its two-week mark on March 13, 2026, with large-scale strikes continuing across Iran and retaliatory missile and drone attacks hitting Israel, US bases, and Gulf states hosting American forces. The conflict began on February 28 when the United States and Israel launched Operation Epic Fury, targeting Iran’s military infrastructure, nuclear programme, and senior leadership. Since the start of the campaign, US Central Command says roughly 6,000 targets have been struck inside Iran, while dozens of Iranian naval vessels have been destroyed. The fighting has also triggered major global economic consequences, with Iran effectively closing the Strait of Hormuz, causing the largest disruption to global oil supplies in modern history and sending energy markets into turmoil.

The US-Israeli military campaign against Iran entered its fourteenth day on March 13, with large-scale strikes continuing across the country and Iranian retaliatory attacks striking Gulf states and energy infrastructure. The conflict, which began with joint US-Israeli strikes on February 28, has killed more than 1,300 civilians in Iran according to Tehran's figures, while confirmed deaths among US forces stand at seven soldiers and approximately 140 service members wounded.

The war began in the early hours of February 28 when the United States and Israel launched Operation Epic Fury, targeting Iran's military infrastructure, nuclear programme, and leadership. Iran's Supreme Leader Ali Khamenei was killed in the opening strikes. His son, Mojtaba Khamenei, was elected as the new Supreme Leader on March 8 by Iran's Assembly of Experts under the country's constitutional succession process.

Military operations have expanded significantly since the campaign began. US Central Command (CENTCOM) announced on March 12 that American forces had struck approximately 6,000 targets inside Iran as part of the operation. More than 90 Iranian naval vessels have been damaged or destroyed, including over 60 ships and at least 30 mine-laying craft. CENTCOM Commander Admiral Brad Cooper stated the mission aimed to eliminate Iran's ability to project power and threaten international shipping through the Strait of Hormuz.

Iran has responded with sustained missile and drone strikes against Israel, US military bases, and Gulf states hosting American forces. Kuwait, the UAE, Qatar, Saudi Arabia, and Bahrain have all been struck. Iran's ballistic missile launches decreased by approximately 90 percent compared to the opening day of the war, according to CENTCOM, which attributed the reduction to the degradation of Iran's missile stockpiles and launch infrastructure.

The maritime dimension of the conflict has produced severe consequences for global energy markets. Iran has effectively closed the Strait of Hormuz to commercial tanker traffic. The International Energy Agency (IEA), in its March 2026 Oil Market Report published on March 12, described the situation as the largest oil supply disruption in the history of the global oil market. Crude and product flows through the Strait, which carried approximately 20 million barrels per day before the war, have fallen to less than 10 percent of pre-conflict levels. Gulf producers have cut output by at least 10 million barrels per day as storage fills and export routes remain blocked.

Global oil supply is projected to fall by 8 million barrels per day in March alone. Brent crude rose to approximately $92 per barrel at the time of the IEA report, down from a peak near $120 in the days immediately following the February 28 strikes but still roughly $20 above pre-war levels. On March 11, IEA member countries agreed unanimously to release 400 million barrels of oil from emergency reserves — the largest coordinated release in the agency's history.

Mojtaba Khamenei, in his first public statement as Supreme Leader, vowed to keep the Strait of Hormuz closed and said Iran would continue attacking US bases in the region. No ceasefire negotiations or diplomatic framework had been announced as of March 13.

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Muskan Zahra

Muskan Zahra

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