Iran Strikes Israel and US Base in Saudi Arabia Amid Escalating Conflict

Iran's Islamic Revolutionary Guard Corps (IRGC) has claimed responsibility for a wave of missile and drone strikes targeting Israeli military sites and the US Prince Sultan Air Base in Saudi Arabia. These attacks, part of an escalating retaliatory campaign following earlier US and Israeli strikes on Iran, mark a significant intensification of the ongoing conflict in the Middle East. The IRGC stated that these operations, designated as the 75th wave of 'Operation True Promise 4,' were in honor of martyred commanders and a response to continued aggression by Israel and the United States. Reports indicate that advanced ballistic missiles were used in the strikes, which targeted not only military infrastructure but also alleged 'new military deployments and hiding places of Israeli troops' across various locations. The Prince Sultan Air Base in Saudi Arabia, described as a crucial hub for US air operations and deployments against Iran, was specifically named as a target. While US officials have confirmed damage to some aircraft at the base, President Donald Trump has downplayed the extent of the destruction, stating that most aircraft were largely unaffected and already back in service. The escalating conflict has sent shockwaves through the global economy, with particular concern for energy markets. The International Energy Agency (IEA) chief, Fatih Birol, has warned that the world could face its worst energy crisis in decades, exceeding the impacts of the 1970s oil shocks and the Russia-Ukraine war combined. Birol highlighted that the crisis has already led to a loss of approximately 11 million barrels per day, significantly disrupting global supply. The closure or disruption of the Strait of Hormuz, a critical chokepoint for global oil and gas transit, is a primary driver of this crisis. The IEA has been consulting with governments in Asia and Europe regarding the potential release of more oil from strategic reserves to stabilize markets. Oil prices have reacted sharply to the ongoing conflict, with Brent crude soaring to levels not seen in years, nearing $120 per barrel at certain points. This surge in energy prices is fueling inflation globally, with economists warning of potential stagflationary risks and increased borrowing costs for consumers and businesses. Asia is particularly vulnerable due to its heavy reliance on Middle Eastern oil, while Europe's natural gas markets have also seen significant price hikes. In response to the heightened tensions, US President Donald Trump has issued ultimatums to Iran regarding the reopening of the Strait of Hormuz, threatening military action against Iran's power plants if it remains blocked. Iran, in turn, has warned of severe retaliation against US and Israeli energy and infrastructure assets in response to any such strikes. Amidst these developments, there have been conflicting reports regarding potential negotiations between the US and Iran to de-escalate the conflict, with Iran officially denying any talks while the US suggests communication through intermediaries. The conflict has also raised concerns about increased terrorist threats, with Western security services warning of a heightened risk of Iranian state-backed terrorism targeting Jewish and Israeli sites in Europe. The news is specific to the countries involved in the conflict but has global repercussions due to its impact on international energy markets and the global economy. Published Date: The Hindu's article was published on March 23, 2026.

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