Iran-US Conflict Disrupts Global Oil Supplies

0:00On this March 12th in Sydney, here's what is making headlines. Two oil tankers caught fire in Iraqi waters on Thursday, raising fears of stepped-up, Iranian attacks on shipping. Iran has struck six vessels recently near the Strait of Hormuz, which it largely controls. Iraq has now closed its oil ports, leading to the biggest disruption in global oil supplies ever, according to the International Energy Agency. Iran's new Supreme Leader, Moshtaba Kamenay, broke his silence almost five days after taking power. In a statement read on television, he offered friendship to neighbors, but warned that all U.S. bases in the region must close immediately, or be, targeted. The fallout hits hard across the Gulf. Countries from Kuwait to Iraq are scaling back oil production because they lack storage. Dozens of tankers sit idle on either side of the strait, easy targets unless loaded with Iranian oil. Burning refineries and ships have flooded news feeds, turning the conflict into an economic standoff.

1:00The United States has so far rejected requests to escort civilian ships through the strait. President Donald Trump said, military protection might come later if needed. Iran insists no oil aiding the U.S. or Israel will pass. Saudi Arabia is diverting exports via its 1,200 km east-west pipeline to the Red Sea. But super tankers, heading there must navigate the Bob Al-Mandev strait, vulnerable to hotly strikes in some Iranian missiles. Meanwhile, acidic rain from attacks on Tehran's oil sites has residents staying indoors to avoid burns. The Daily News Now is grateful to our sponsor for today's episode. When you want calm, do not reach for your phone. Lay back and listen, S-O-L-I-SoliPillow.com