Start Here Iran’s ‘Burn the Oil’ Strategy
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Mar 12, 2026 Anne Flaherty, ABC Pentagon correspondent explaining the probe into a missile strike on an Iranian school. Aaron Katursky, ABC investigative correspondent on FBI alerts and possible drone threats to the U.S. West Coast. Ian Pannell, ABC foreign correspondent reporting from Tel Aviv on Iran’s tactic of targeting oil routes. They discuss oil infrastructure attacks, Strait of Hormuz risks, and threats to coastal cities.
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Iran Using Oil As A Strategic Weapon
- Iran is using attacks on oil infrastructure as an asymmetric lever to raise global fuel and food prices and pressure the U.S. and allies politically.
- Ian Pannell notes strikes on tankers and facilities in Oman, Bahrain and threats to the Strait of Hormuz could push oil above $200 a barrel and disrupt fertilizer flows.
Tap Strategic Reserves To Stabilize Markets
- Governments are releasing strategic petroleum reserves to blunt market panic and lower pump prices amid attacks on shipping.
- The International Energy Agency coordinated the largest-ever release; President Trump said the U.S. will tap reserves to increase supply and calm consumers.
Cheap Drones Deliver Strategic Impact
- Iran has shifted to low-cost drone and small-attack tactics after losing much of its missile and drone capacity to U.S. and Israeli strikes.
- Ian Pannell explains $15,000 drones with 50 kg explosives can damage tankers or facilities and cause outsized market effects.