US and Israel Bomb Iran, Escalating Middle East Tensions and Oil Price Risks

Published: Mar 15, 2026 22:02

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[SMM Flash News] There were still no signs of easing in the Middle East situation. Over the weekend, the US and Israel bombed Iran’s oil export hub of Kharg Island and other locations, while Iran said it had struck US military bases and Israeli targets. Continued attention will be paid to international oil prices next week. A retired US military officer warned that the US attack on Iran’s Kharg Island had escalated the risk of the war and could ultimately cause oil prices to “spiral out of control.”

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