Iran-Israel Conflict: Strikes, Apology & Oil Price Surge – March 2026

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Iran War: Airstrikes Hit Tehran as Conflict Escalates

Smoke and fire rose from the site of airstrikes at Mehrabad International Airport in Tehran on March 7, 2026. (Photo by ATTA KENARE / AFP via Getty Images)

Iran’s president, Masoud Pezeshkian, stated on Saturday that his country does not intend to attack others and apologized to neighboring Gulf states after a week of retaliatory strikes, as the U.S. And Israel maintained military pressure on Tehran. Though, Pezeshkian rejected a call for unconditional surrender, stating the U.S. Can “take their dreams to the grave; we will not surrender unconditionally.”

Apology to Neighbors, Continued Strikes

Pezeshkian, speaking via Iran’s national news agency’s Telegram channel, apologized to neighboring countries, saying, “We do not intend to invade other countries. Let us set aside all the disagreements, concerns, and resentments we have toward each other. Today, let us defend our own soil to bring Iran out of this crisis with dignity.”

U.S. And Israeli airstrikes on Iran continued on Saturday, marking one week since the launch of their joint campaign aimed at dismantling Tehran’s nuclear and ballistic missile capabilities and pursuing regime change.

Gulf Region Under Threat

Tehran’s energy-rich neighbors in the Gulf reported intercepting missiles and drones headed for their airspace. Saudi Arabia’s Ministry of Defense reported intercepting and destroying a drone east of Riyadh city. The United Arab Emirates reported its air defenses responding to incoming missile and drone threats from Iran. Dubai issued an alert urging residents to seek shelter, and Emirates airline temporarily suspended flights to and from the city before resuming operations.

Military Operations and Escalation

U.S. Central Command reported that U.S. Forces have struck over 3,000 targets in the first week of “Operation Epic Fury,” and stated they are not slowing down @US_CENTCOM on X. Israel’s military announced the completion of “another wave of attacks in Tehran,” involving approximately 230 munitions launched by over 80 fighter jets towards military sites, including the Central Military University of the Islamic Revolutionary Guard Corps, a missile storage site, and an underground ballistic missile production facility IDF on X. The IDF stated these strikes aim to degrade Iran’s ability to attack Israeli civilians.

Economic Impact

The escalating conflict has significantly disrupted global fuel supplies. U.S. Crude oil posted its biggest weekly gain in futures trading history, soaring 35.63% for the week, closing at $90.90 per barrel. Global benchmark Brent rallied 8.52%, settling at $92.69 per barrel.

Diplomatic Efforts

Iranian President Masoud Pezeshkian indicated that some countries have begun mediation efforts to end the war Irish Times.

Trump Demands Surrender

U.S. President Donald Trump on Friday demanded Iran’s “unconditional surrender,” raising concerns about a prolonged war NBC News.

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