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According to CNN on the 17th, citing sources from Iran’s security authorities, Iran is secretly negotiating with eight non–Middle Eastern countries, proposing to allow oil tankers safe passage through the Strait of Hormuz under specific conditions. The core requirement is that all related oil trade must be settled in Chinese yuan (RMB).

While maintaining a blockade, Iran aims to establish a “permit-based transit” management system to ease energy pressures on certain allies and further promote the yuan’s role in the international energy market.

The identities of the eight countries have not been disclosed. However, vessels from Pakistan, India, and Turkey have reportedly already passed through the strait under Iranian government monitoring and authorization. These ships traveled along special routes close to Iran’s coastline rather than the traditional international shipping lanes.

Global markets are closely watching whether this “permit-based transit” negotiation could become a breakthrough in alleviating the global energy crisis, or evolve into a more complex competition involving currency and diplomacy.

Meanwhile, the United States has called on its allies to form a “Convoy Coalition.” However, so far only a limited number of allies have expressed support, mostly with conditions attached.

Although Iran’s military capabilities are inferior to those of the United States and Israel, it is leveraging its geographic position to control a critical chokepoint in global energy transportation as a bargaining tool to maximize its interests. Since the 28th of last month, about 20% of global oil and natural gas trade has been disrupted, causing global oil prices to surge, with Brent crude briefly exceeding $126 per barrel.

Now, by proposing settlement in yuan, Iran appears to be attempting to draw China closer. However, escalating geopolitical tensions could expose participating countries to potential retaliation from the United States and Israel. Iranian officials emphasized that as long as U.S. or Israeli military forces remain present in the strait, the possibility of fully reopening it remains extremely low.

The United Arab Emirates (UAE) announced on the 17th that, in response to a new wave of missile and drone attacks launched by Iran, the government has taken “special precautionary measures,” including the immediate and temporary closure of the country’s entire airspace to ensure aviation safety and national sovereignty.

The UAE’s General Civil Aviation Authority (GCAA) stated that the decision was made after a comprehensive assessment of regional security conditions and aviation operational risks, and that coordination had been completed with relevant domestic and international authorities. Officials emphasized that ensuring the safety of flights and crew, as well as safeguarding territorial sovereignty, are the top priorities at present.

Tensions in the Middle East have escalated rapidly. Iran has recently carried out large-scale airstrikes against multiple targets in the region, prompting heightened alert among neighboring countries. The UAE government announced at the earliest opportunity that, based on national security considerations, it would fully close its airspace and suspend all civilian and commercial inbound and outbound flights to prevent further escalation from affecting domestic security.

According to reports, Iran’s military operation targeted several facilities considered to have strategic value. Although officials have not disclosed a detailed list of targets, multiple countries in the region have already raised their military alert levels. Analysts suggest the move may be linked to rising geopolitical tensions, particularly over energy routes and military deployments, which have intensified frictions between Iran, Western nations, and some Arab countries.

In a statement, the GCAA described the airspace closure as a “precautionary measure” and stressed that it will continue to monitor developments and adjust restrictions as necessary. Major airports within the UAE, including Dubai International Airport and Abu Dhabi International Airport, have suspended flight operations, affecting a large number of travelers, while airlines have activated emergency response mechanisms.

Experts note that the Middle East has long been a key hub for global energy supply, and any escalation of conflict could trigger ripple effects on international oil prices and the global economy. Market volatility has already begun to emerge, with investors showing increased risk aversion.

As of the time of writing, Iran has not issued a direct response to the UAE’s airspace closure. However, regional tensions continue to rise. There are widespread concerns that, without effective mediation mechanisms, the conflict could further expand, with far-reaching consequences for the Middle East and the broader global landscape.

The Japan government announced on the 16th that it will begin releasing its Strategic Petroleum Reserves (SPR), becoming one of the first countries in Asia to respond to coordinated action by the International Energy Agency (IEA). On March 11, IEA member states reached an agreement to carry out the largest-ever release of strategic oil reserves to counter surging global prices driven by the Middle East conflict. The IEA noted that countries in Asia and Oceania would begin implementation earlier than those in the Americas and Europe, and Japan’s announcement is widely seen as the formal start of the release.

According to an official government bulletin, Japan’s domestic oil reserves are “declining,” prompting authorities to require reserve management entities to release part of their stockpiles to meet new standards. A government spokesperson confirmed that the release will amount to roughly 15 days’ worth of private-sector consumption. Japan relies heavily on energy imports from the Middle East, with about 95% of its oil sourced from the region, making it particularly vulnerable during periods of heightened tension. The move signals that Japan is now actively tapping into its reserves to ease supply pressure.

Japan holds one of the world’s largest strategic petroleum reserves, with more than 400 million barrels as of last December—enough to cover approximately 254 days of domestic demand. Under the IEA’s previously announced plan, the coordinated global action will release a total of 271.7 million barrels of government-held oil. The agency also indicated that countries in the Americas and Europe are expected to begin their releases in late March, positioning Japan and other Asian nations as the first wave of participants in this global effort.

In a clip from a CNN interview broadcast on the 15th, Ukrainian President Volodymyr Zelenskyy said that Russia has supplied “Shahed” drones to Iran, which have been used against the United States and Israel.

Speaking with CNN host Fareed Zakaria, Zelenskyy said Iran had used Russian-made Shahed drones to attack U.S. military bases, stressing that the claim was “100 percent true.” According to Reuters, while the precise manufacturing origins of the drones are sometimes unclear, the Shahed series has been linked to multiple attacks across the Middle East. The drone was originally developed by Iran and is considered a far cheaper strike weapon than conventional missiles.

According to Ukraine, these drones were first deployed on a large scale during Russia’s full-scale invasion of Ukraine. Since the autumn of 2022, Russian forces have launched thousands of Shahed drones. Although they were initially supplied by Iran, Russia is now capable of producing them domestically. Meanwhile, other militaries have increasingly adopted similar drone systems, including the U.S. military. Washington has noted that drones have also been incorporated into its current military operations related to Iran.

In recent days, Zelenskyy also spoke with 25 domestic and international media outlets about Ukraine’s current situation and how it has countered the threat posed by Russian Shahed suicide drones. He said that after years of war, Ukraine has accumulated extensive battlefield experience in defending against such attacks. As tensions in the Middle East intensify, the United States has sought related technology and operational expertise from Kyiv. Zelenskyy confirmed that, at Washington’s request, Ukraine has dispatched a team of drone experts to a U.S. military base in Jordan to assist with defense efforts.

For years, Ukraine had appealed to the United States and European allies for air defense systems. However, through its prolonged struggle against Russian drone attacks, Kyiv has gradually developed mature defensive capabilities. By providing technical support and experience to the United States, Ukraine hopes to highlight its battlefield value and turn these advantages into diplomatic leverage in future negotiations with Russia.

The U.S. Embassy in Baghdad, Iraq, came under attack on the 14th when drones and missiles struck the compound, setting a helicopter landing pad on fire and sending thick smoke into the air. Multiple media outlets and security sources said the assault was likely carried out by Iran or Iran-backed militant groups. The incident occurred amid escalating tensions between the United States and Iran, further heightening instability in the Middle East.

According to foreign media reports, the U.S. Embassy—located inside Baghdad’s heavily fortified Green Zone—was first targeted by a suicide drone. Missiles later struck facilities within the compound, with one reportedly hitting a helicopter landing pad and triggering flames and explosions. Footage from the scene showed plumes of smoke rising above the embassy as security alarms were activated inside the complex.

Iraqi security officials said at least one drone was involved in the attack. Some reports suggested debris from an intercepted or detonated projectile struck parts of the embassy buildings, causing damage to sections of the compound. It remains unclear whether the attack resulted in casualties.

Analysts said the strike may be linked to recent military operations by the United States and Israel against Iran. Security sources indicated the attack was likely carried out by Iran-backed Shiite militias in Iraq in retaliation for U.S. military actions.

Following the incident, the U.S. Embassy in Baghdad issued an urgent security alert urging American citizens to “leave Iraq immediately” and advising people to avoid the Green Zone and surrounding areas. The U.S. government also expanded travel warnings for several Middle Eastern countries, underscoring Washington’s heightened concern over regional security.

Observers noted that since tensions between the United States and Iran intensified, U.S. military and diplomatic facilities across the Middle East have been repeatedly targeted. The pattern suggests the conflict is expanding beyond direct confrontation to include proxy warfare and cross-border attacks. If such incidents continue, Iraq could once again become a major battleground in the U.S.–Iran confrontation.

Lebanon’s Hezbollah launched a large-scale attack on Israel on the evening of the 11th, firing about 20 drones and 200 rockets. About half of them were intercepted by Israel’s Iron Dome air defense system. This marked the largest attack since the outbreak of the conflict. The Israeli military immediately carried out a counterattack, launching an airstrike targeting Ramlet al-Bayda in the southern part of Beirut, the capital of Lebanon, killing seven people and injuring 21 others.

Hezbollah stated that the operation involved attacks using drones and missiles, targeting several important military facilities. These included the Beit Lid base, the Glilot base, and the Atlit base. The armed group also launched drones and rockets toward Nahariya in northern Israel, while simultaneously firing artillery shells at Israeli forces stationed in southern Lebanon.

Hezbollah claimed the operation damaged Israeli naval special operations facilities and that drones struck the Meron Air Force command and control base, damaging its radar systems. As the base is an important surveillance facility in northern Israel, Hezbollah said the attack would affect Israel’s regional air defense monitoring capabilities. However, these claims have not been confirmed by Israel.

Following Hezbollah’s attack, Israel immediately launched a response. The Israeli military stated that it struck 10 Hezbollah buildings within 30 minutes, including the headquarters of Hezbollah’s elite Radwan Force. Lebanese authorities said that Israel’s recent airstrikes have killed 634 people in Lebanon, including 91 children, and displaced about 800,000 others.

On the 11th, Iranian President Masoud Pezeshkian proposed three major conditions for a ceasefire on social media: recognition of Iran’s legitimate rights, a demand that the United States and Israel pay war reparations, and international guarantees for Iran’s future security. These conditions were announced following a high-level meeting with the leaders of Russia and Pakistan. Historically, the so-called “legitimate rights” have often been interpreted as including Iran’s right, as a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), to conduct uranium enrichment.

The United States dismissed Iran’s demand for compensation. A deputy spokesperson for the U.S. State Department called it “absurd,” while U.S. President Donald Trump stated that he himself was the key decision-maker regarding any ceasefire. Israel’s Defense Minister Israel Katz also expressed determination to continue military operations, stating that the war would “continue without limits until all objectives are achieved and a decisive victory is secured.” On the afternoon of the 11th, the Israeli Air Force carried out “large-scale airstrikes” on infrastructure belonging to Iran’s Islamic Revolutionary Guard Corps (IRGC) across the country. The attacks targeted Tehran and several other military strongholds.

The operations launched by the United States and Israel—“Operation Epic Fury” and “Operation Roaring Lion”—have reportedly resulted in more than 1,200 to 1,300 deaths in Iran, including former Supreme Leader Ali Khamenei, and more than 10,000 people injured.

In response, Iran has attacked U.S. military bases in several Middle Eastern countries and has also blocked the Strait of Hormuz, effectively choking a key global energy transit route and driving oil prices sharply higher in an effort to gain leverage in negotiations. Although diplomatic channels through European and Middle Eastern countries are attempting mediation, it remains unclear whether the United States and Israel will accept the ceasefire conditions proposed by Iran.

According to a report by CNN on the 10th, Iran laid naval mines in the Strait of Hormuz—a key shipping route that carries about one-fifth of the world’s crude oil and natural gas supply—in retaliation for U.S. attacks. U.S. President Donald Trump also posted on social media warning Iran to remove the mines immediately or face unprecedented military consequences. The U.S. Central Command (CENTCOM) confirmed that U.S. forces carried out a preemptive strike and precisely destroyed 16 Iranian minelaying vessels near the Strait of Hormuz.

At present, the scale of the mining operation is not yet extensive, with only dozens of mines discovered so far. However, intelligence indicates that Iran’s Islamic Revolutionary Guard Corps (IRGC) has the capability to deploy hundreds of mines in the waterway at any time. Combined with armed speedboats and missiles, this could form a blockade in the strait, leading the area to be described as a “valley of death.” Iran has stated firmly that it will not allow any oil tankers that benefit the United States or its allies to pass through the strait. U.S. Secretary of Defense Pete Hegseth responded that the U.S. military will not allow terrorists to hijack this critical maritime passage. Military tensions between the two sides continue to escalate.

The blockade of the Strait of Hormuz has already halted exports from oil-producing countries such as Iraq and Kuwait, and because there are no alternative routes, it has caused recent volatility in oil prices. G7 member countries are therefore discussing releasing strategic petroleum reserves to stabilize the market. Blocking the Strait of Hormuz remains primarily a tactic by Iran to confront the United States, attempting to pressure Washington into negotiations by impacting the entire world.

Five members of the Iranian women’s national football team who were in Australia for the Asian Cup recently sought protection from the Australian government after refusing to sing Iran’s national anthem before a match. Fearing they could be labeled “traitors” and face retaliation if they returned home, the players asked Australia for protection. The Australian government confirmed today that it has issued humanitarian visas to the five athletes.

According to a Reuters report, there had earlier been reports that the players applied for asylum in Australia. U.S. President Donald Trump also took notice of the situation and spoke by phone with Australian Prime Minister Anthony Albanese to discuss the players’ circumstances.

Other members of the Iranian team remain at a hotel on the Gold Coast. Albanese said the Australian government is willing to offer assistance, but whether to accept that help ultimately depends on the players themselves. At a press conference in Canberra, he said, “The Australian people have great sympathy for the situation these brave women are facing. They are safe here and should feel that they belong here.”

The Iranian women’s team had traveled to Australia to participate in the Asian Cup football tournament. Iran’s semi-official Fars News Agency reported that the five players secretly left the hotel under the escort of Australian police and then sought assistance from the Australian government.

Trump had previously written on social media that sending the players back to Iran would be a “serious humanitarian mistake.” He later revealed that he had spoken with Albanese and praised the Australian government for its handling of the sensitive situation.

Trump said the five players have now received protection, and other team members are also being offered assistance. However, some players remain worried about the safety of their families and are still considering whether to return to Iran. He had earlier warned that if the players were forced to return, they could face danger to their lives, and even said that if Australia did not accept them, the United States would be willing to take them in.

Albanese said Trump called him at nearly 2 a.m., and he briefed him on Australia’s actions over the past 48 hours, including the five players’ request for help and the fact that they have been placed in a safe location.

The incident occurred amid heightened tensions in the Middle East. While the Iranian women’s team was competing in the Asian Cup in Australia, Iran was thrown into turmoil following joint airstrikes by the United States and Israel, and Iran’s Supreme Leader Ali Khamenei was reportedly killed. Iran ultimately lost 0–2 to the Philippines on the 8th and was eliminated early from the Asian Cup.

As tensions in the Middle East continue to deteriorate, global energy markets have been thrown into turmoil. International oil prices this week surged past $100 per barrel, the highest level since July 2022. With prices having jumped more than 90 percent since December last year, concerns are growing worldwide over rising inflation and potential supply shortages. Sources say finance ministers from the Group of Seven (G7) will hold an emergency video conference on the 9th. Coordinated by the International Energy Agency (IEA), they are expected to discuss the possibility of jointly releasing 300 to 400 million barrels from strategic petroleum reserves to curb further price spikes.

Iran’s new leadership has adopted a hardline stance, raising fears that the Strait of Hormuz could be blocked. At the same time, declining oil output in several producing countries has heightened market anxiety over energy supply. Short covering has triggered a “short squeeze,” further pushing prices upward. U.S. President Donald Trump recently remarked that the cost of high oil prices is “not too high,” a statement markets interpreted as a signal that Washington may tolerate higher energy prices. Meanwhile, Israel and Iran have continued exchanging attacks, damaging energy facilities across the Gulf region. Oil production has also been forced to decline in places such as Iraq, Kuwait, and Abu Dhabi due to limited storage capacity, further exacerbating supply concerns.

Iran has threatened to strike oil facilities across the Persian Gulf and warned that if the conflict escalates, global oil prices could soar to $200 per barrel. Israel has also reportedly targeted at least five energy infrastructure sites around Iran in recent days, sharply worsening the situation. With energy transport bottlenecks and geopolitical risks rising simultaneously, oil-producing nations are being forced to cut output, raising fears of prolonged supply tightness in the market. To ease the pressure, the Group of Seven is evaluating a large-scale coordinated oil release in hopes of stabilizing markets before global panic intensifies and inflation spirals further out of control.