Iran-US War Escalates, Oil Prices Soar

0:00This is Corey, keeping Sydney in the know you're listening to Sydney News today. Two tankers caught fire in Iraqi waters after attacks by Iranian boats loaded with explosives. This marks a sharp escalation in the two-week-old war, started by the United States and Israel. One crew member died and images from Basra showed huge fireballs lighting up the night. Hours before, three other ships were hit in the Gulf, including a Thai carrier that Iran's revolutionary guards said they targeted for ignoring. Orders. Meanwhile, a container ship reported a strike near the United Arab Emirates and drones flew toward Kuwait, Iraq, several Gulf states, and Oman. These hits challenge claims that Iran's long-range weapons are mostly destroyed. The attacks have blocked the strait of Hormuz, the key route for global oil, causing the biggest energy disruption since the 1970s oil shocks. Oil prices shot back above $100 a barrel, despite a massive release of 400 million barrels from strategic reserves by developed nations.

1:05Banks like Citibank closed branches in the UAE and HSBC in Qatar after Iran called them targets. Saudi Arabia intercepted drones near its oil fields while Iran struck fuel tanks in Bahrain and storage in Oman. President Trump told Arali that the war was won in the first hour and Iran virtually destroyed, but he wants to finish the job. Still, US intelligence says Iran's leadership remains intact with no quick collapse in sight. Trump predicts short-lived price spikes as the threat ends. Iran vows no oil through the strait until a tax stop in demands no talks with Washington. Its military warrants of $200 oil aiming for a long economic shock to force a US pullback. Amalists say prices stay high until the strait reopens. Quick thanks to today's sponsor, see the description for more. Some travel miles to find peace. I just climb into bed and listen, S-O-L-I, solely pillow.com.