Middle East War Escalates, Global Energy Crunch Looms

0:00On March 16, tensions in the Middle East War are spiking fears of a worldwide energy crunch. The United States and Israel have hammered Iran with strikes for over two weeks now, while Israel pounds Lebanon. Iran fights back by launching drones and missiles at Israel, American bases, and Gulf energy sites. They've also choked off the strait of Hormuz, where one fifth of global oil flows, sending prices soaring. A drone attack sparked a fire near Dubai's main airport Monday morning, halting fights for hours before they resumed with no injuries. In the United Arab Emirates, a missile killed one person in Abu Dhabi, and another drone hit an oil facility in Foujirah. Saudi Arabia shot down 35 incoming Iranian drones, aimed at its oil hubs. The human toll keeps climbing, with over 1,300 dead in Iran, at least 850 in Lebanon from Israeli strikes, 12. In Israel, and 13 American troops. More than 800,000 Lebanese are displaced, and Israel's issued evacuation orders for Beirut

1:03neighborhoods. Israel reports knocking out 85% of Iran's air defenses, and 70% of its missile launchers, but says plenty more targets remain. Leaders are scrambling, former President Trump wants allies to help secure the strait, the European Union eyes extending naval patrols there, and Japan started tapping its oil reserves to fight shortages. This chaos is rippling through economies everywhere, hiking energy and food costs while challenging inflation fights, and no quick end seems inside. As strikes continue,