
The war involving Iran, Israel and the United States entered a broader regional phase on Thursday, with fresh Iranian attacks on energy infrastructure, shipping routes and military positions across Gulf states, while Israel responded with a new wave of strikes on Iranian territory. The escalation again tightened pressure on the Strait of Hormuz and pushed oil prices back above $100 a barrel.
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U.S. President Donald Trump has authorized the release of 172 million barrels of crude from the Strategic Petroleum Reserve as part of a coordinated action with the International Energy Agency, in a bid to contain rising fuel prices after market disruption caused by the war with Iran. The Department of Energy said deliveries will begin next week and will take about 120 days to complete.
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The U.S. government has formally recognized Delcy Rodríguez before a federal court in New York as the Venezuelan authority empowered to act on behalf of the state, giving legal effect to the diplomatic shift toward Caracas announced last week. The move appears in a “statement of interest” filed on March 10 in response to a court order on who legally represents Venezuela in ongoing litigation in U.S. courts.
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Venezuela this week took another step toward opening its extractive sector to foreign capital, while the United States authorized limited transactions involving Venezuelan gold. The National Assembly approved on first reading a mining reform pushed by Delcy Rodríguez’s interim government, as Washington issued a license allowing dealings with Minerven, Venezuela’s state gold company, just days after the two countries restored diplomatic and consular relations.
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The United States and Israel launched what the Pentagon and witnesses in Iran described on Tuesday as the heaviest day of bombing since the war began, while Washington widened operations around the Strait of Hormuz and said it had destroyed 16 Iranian mine-laying vessels. The move further increased risks around the world’s most critical energy chokepoint, through which about a fifth of global oil and liquefied natural gas normally passes.
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Brazil’s Supreme Court has authorized Darren Beattie, a Trump administration adviser focused on Brazil, to visit former President Jair Bolsonaro in prison on March 18, in another sign of how far Bolsonaro’s legal case has spilled into the international arena. The decision was issued by Justice Alexandre de Moraes, who oversees the cases related to the attempt to overturn the 2022 election and Bolsonaro’s conviction for plotting against the democratic order.
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Argentine President Javier Milei said in New York that he is “the most Zionist president in the world,” reaffirming his alignment with the United States and Israel during an appearance at Yeshiva University, one of the main stops on a U.S. trip that also included investor meetings as part of “Argentina Week.” The university said the event was part of a three-day visit focused on economic leadership and support for Washington and Israel in the war against Iran.
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The United States continued deporting migrants to Iran and Venezuela while increasing military and diplomatic pressure on both countries, according to official records, agency reports and data from organizations tracking removal flights. In Iran’s case, Washington resumed deportation flights to Tehran in September 2025 after decades without carrying out such transfers, in a shift that coincided with a sharp deterioration in bilateral relations.
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Oil prices climbed above US$100 a barrel on Sunday in futures trading, reaching their highest levels since 2022 as the war in the Middle East, the effective closure of the Strait of Hormuz and fresh production cuts among Gulf producers tightened supply expectations. Reuters reported Brent rose as high as US$111.04 a barrel while West Texas Intermediate (WTI) touched US$111.24 in early trading. AP later put Brent at US$107.97 and WTI at US$106.22, both more than 16% above the previous close.
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Iran on Sunday named Mojtaba Khamenei as its new supreme leader, cementing hardline continuity as the war with Israel and the United States deepens and cross-border strikes increasingly hit fuel depots, energy routes and desalination facilities across the region. The Assembly of Experts, the 88-member clerical body tasked with choosing the successor, said he had been appointed by a “decisive vote,” giving him ultimate authority over all matters of state.
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