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Oil sees historic disruptions amid Iran strikes
Iran has intensified its retaliation in the escalating regional conflict, targeting global energy supplies. Two foreign oil tankers were struck in Iraqi waters, while the U.K.’s maritime security agency reported another vessel hit in the Persian Gulf. Fox News correspondent Mark Meredith weighs in.
The first week of the Iran war has cost the United States an estimated $11 billion, the Pentagon said on Tuesday.
The estimates, which did not include the entire cost of the war, were provided during a closed-door briefing with Congress, a source told Reuters.
This comes after the Pentagon reported spending $5 billion on munitions alone over the first weekend of the war.
Additional funding requests for the war may be coming
Dig deeper:
The Trump administration had previously indicated it would be sending Congress a request for additional funding.
A plume of smoke rises from the site of an Israeli airstrike in the southern suburbs of Beirut early on March 12, 2026. (Photo by FADEL itani / AFP via Getty Images)
By the numbers:
The request could be for another $50 billion or possibly lower, Reuters reported.
Sen. Roger Wicker, the GOP chairman of the Senate Armed Services Committee, said Wednesday that he was not expecting the supplemental request this month.
Oil prices going up
Meanwhile:
Oil prices jumped another 5% on Thursday as the war in Iran continued into its second week.
Concerns over hiked oil prices worsened as Iran attacked commercial shipping around the Strait of Hormuz.
Iran has escalated its attacks aimed at generating enough global economic pain to pressure the U.S. and Israel to end the war, targeting oil fields and refineries in a handful of Gulf Arab nations. Iran's actions have effectively stopped cargo traffic through the narrow Strait of Hormuz, through which a fifth of all traded oil passes.
As a result, the International Energy Agency agreed on Wednesday to release 400 million barrels of oil, the largest volume of emergency oil reserves in its history, to alleviate the war’s impacts on energy markets.
The U.S. announced it had planned to release 172 million barrels of oil next week from its Strategic Petroleum Reserve.
The Source: Information for this article was taken from reporting by Reuters and The Associated Press. This story was reported from San Jose.