Oil prices jumped back toward the $100-per-barrel mark on March 12 despite a coordinated release of strategic reserves by the United States and its allies, as Iranian attacks on oil and transport infrastructure across the Middle East intensified fears of supply disruptions through the Strait of Hormuz and a prolonged regional conflict.

The Trump administration has launched new trade investigations under the Trade Act. Trade Representative Jamieson Greer said the probes will examine excess industrial capacity in 16 major trading partners.

The countries include China, the European Union, India, Japan, South Korea, and Mexico. The investigations will determine whether foreign policies and practices are unfairly displacing U.S. manufacturing and restricting commerce.

A second investigation will focus on imports produced with forced labor, targeting roughly 60 countries. These inquiries could lead to new tariffs or import restrictions.

Members of the International Energy Agency (IEA) agreed on March 11 to release 400 million barrels of oil from reserves. This is the largest withdrawal on record as governments attempt to mitigate the spike in global energy prices.

Major storms whipped up tornadoes that killed at least two people in northwest Indiana and leveled buildings in Kankakee, Illinois, authorities said Wednesday, as another round of rain, hail and strong winds made its way through the region.

U.S. Secretary of War Pete Hegseth said on March 10 that U.S. airstrikes against Iran will reach their most intense level on Tuesday. He said the operation is focused on three main objectives: destroying Iran’s missile stockpiles and launch systems, eliminating its naval capabilities, and preventing the country from obtaining nuclear weapons. Hegseth also said President Donald Trump will make the decision on when to end the war.

U.S. stocks are rising after President Trump indicated that the war against Iran could be short-lived. Oil prices briefly shot to their highest level since 2022, but later fell on the news that the war may not last much longer.

President Donald Trump says in a March 8 post on Truth Social that higher oil prices are “a very small price to pay” for safety and peace, as the Iran war continues.

The New York Police Department (NYPD) said improvised explosive devices were ignited and thrown outside New York City Mayor Zohran Mamdani’s residence over the weekend. The devices did not explode.

NYPD Commissioner Jessica Tisch said on Monday that the department is investigating the incident as an "ISIS-inspired" terrorist act.

President Donald Trump called on Iran to surrender unconditionally and said there will be no deal with Iran, according to a post on Truth Social on March 6. He said the United States and its allies would “bring Iran back from the brink of destruction” after Iran surrenders.

The U.S. economy unexpectedly lost 92,000 jobs in February. This comes after January’s better-than-expected performance of 126,000 new jobs. The unemployment rate edged up to 4.4 percent from 4.3 percent. National Economic Council director Kevin Hassett is projecting optimism, saying the U.S. economy remains strong, and that job creation is on net positive.

The U.S. State Department is asking Americans in Israel, Qatar, Saudi Arabia, and the United Arab Emirates to register online to receive assistance from authorities to leave the region amid the conflict with Iran. U.S. citizens can contact the State Department directly at +1-202-501-4444 for assistance.

Azerbaijan's Defense Ministry says it's preparing a response after two suspected Iranian drones injured four people. Iranian officials have denied responsibility. The UAE says its air defenses detected seven ballistic missiles on March 5. Six were intercepted and destroyed. Qatar also reported a missile attack earlier on March 5. Authorities urge residents to remain indoors as tensions remain high.

Secretary of War Pete Hegseth on Wednesday confirmed that a U.S. submarine sank an Iranian warship in the Indian Ocean with a torpedo, noting it was the first time a U.S. submarine sank an enemy vessel by torpedo since World War II. Hegseth vowed continued and intensifying military pressure on Iran, declaring that the campaign was “not a fair fight” and promising sustained operations in the days ahead.

Turkey said that NATO air defenses destroyed an Iranian ballistic missile headed into Turkish airspace on Wednesday, marking the first time the alliance member has been drawn into the Middle East conflict and raising the possibility of a major expansion involving bloc allies.

The United Stated closed its embassies in Saudi Arabia and Kuwait on Tuesday. The U.S. Embassy in Riyadh is also warning of immediate missile and UAV threats over Dhahran, a city in the eastern part of Saudi Arabia, directing residents to shelter indoors. Iran has fired hundreds of missiles and drones at Gulf states hosting U.S. air bases. A drone also struck the U.S. Embassy compound in Kuwait yesterday. The embassy said today it would close until further notice, citing regional tensions.

President Donald Trump will meet with German Chancellor Friedrich Merz on Tuesday. In an X post on Saturday, Merz said the two will discuss "the latest developments in the Middle East."

A fourth US service member was killed on the third day of the Iran conflict. Israel responded to Hezbollah strikes in Lebanon as Iran widened its targets, including an oil refinery in Saudi Arabia.

Former President Bill Clinton is testifying Friday behind closed doors to a congressional panel about his ties to the late sex offender Jeffrey Epstein. Clinton flew on Epstein's plane several times in the early 2000s after he left office, and a tranche of millions of documents released by the Justice Department includes photos of him with women whose faces are redacted. He has denied wrongdoing and expressed regret for his association with Epstein.

President Trump is traveling to southern Texas Friday to promote his economic and fossil fuel agenda. The president is set to speak in Corpus Christi, the nation’s top exporter of liquefied natural gas. Trump's visit comes as Republicans battle over key House and Senate races ahead of November’s midterms.