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Oil surges to $115 as Iran reports US-Israeli strike on petrochemical facility (PHOTOS, VIDEOS)

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The month-long war shows no prospects for a swift resolution, with the US sending reinforcements and Yemen’s Houthis joining the fight

Published 29 Mar, 2026 22:11 | Updated 29 Mar, 2026 23:59

Oil prices surged to about $115 a barrel after Iranian media reported a suspected US-Israeli strike on the Tabriz Petrochemical Company on Monday.

The reported strike came as Tehran stepped up its rhetoric, declaring the homes of US and Israeli officials and military commanders legitimate targets in retaliation for attacks on residential buildings in Iran.

Despite diplomatic efforts involving Pakistan, Türkiye, Egypt and Saudi Arabia, the fighting has continued to widen across the region. Yemen’s Iran-backed Houthis, who had largely stayed out of the fighting since the war began, have now formally entered the conflict, launching missiles and drones at Israel.

Washington reinforced its military presence in the Middle East to more than 50,000 troops over the weekend, fueling fears of deeper US involvement. Iranian Parliament Speaker Mohammad Bagher Ghalibaf said the country’s forces were “waiting” for American troops, accusing the US of “secretly planning a ground invasion” while publicly talking about negotiations.

Here are the latest developments:

  • The foreign ministers of Pakistan, Türkiye, Egypt and Saudi Arabia met in Islamabad for peace talks earlier on Sunday.
  • Iran has received proposals from the United States through mediators, but Tehran considers them “highly unreasonable,” Foreign Ministry spokesperson Esmaeil Baqaei said, according to the RT bureau in Iran.
  • The Israeli military said it is ready for a “multi-front war” after Yemen’s Iran-backed Houthi rebels entered the conflict with missile attacks on Israel.
  • The Islamic Revolutionary Guard Corps announced that it would “begin bombing” the homes of US and Israeli officials and military commanders in retaliation for repeated strikes on residential buildings that have killed nearly 2,000 civilians in Iran over the first month of the war.

Follow our live coverage below for continuous updates. You can also read our previous updates here.

  • 29 March 2026

    23:57 GMT

    Several videos circulating online purportedly show a facility belonging to the Tabriz Petrochemical Company on fire in northwestern Iran.

  • 23:26 GMT

    The international benchmark Brent crude has surged above $115 a barrel, starting the week more than 3% higher as Asian markets opened and roughly 50% above its level before the US and Israel launched their attack on Iran more than a month ago.

    The main US benchmark, West Texas Intermediate, has also crossed the psychological threshold and was trading at about $103.13 a barrel.

  • 23:07 GMT

    The United Nations Interim Force in Lebanon said a peacekeeper was killed and another critically injured after a projectile exploded at a UN position near Adchit Al Qusayr overnight, in one of the deadliest incidents involving the mission in recent months.

    The UN force said it does not yet know the origin of the projectile and has opened an investigation into the circumstances of the blast. In a statement on Sunday, UNIFIL extended condolences to the family and colleagues of the peacekeeper who was killed and said the injured peacekeeper remains in hospital with serious injuries. It urged all parties to protect UN personnel – warning that attacks on peacekeepers may constitute war crimes.

  • 23:00 GMT

    The Israeli Air Force intercepted two drones launched from Yemen in the past hour, according to the IDF.

    Yemen’s Houthi armed forces, which control the capital, Sanaa, and much of the country’s north, announced their formal entry into the conflict in the Middle East over the weekend.

    The group had stayed out of the fighting since the U.S. and Israel first attacked Tehran on February 28, but on Saturday it fired several missiles at Israel and vowed to continue its strikes “until the aggression against all resistance fronts ceases.”

  • 22:55 GMT

    Tasnim news agency said the fire at the Tabriz Petrochemical Company was “under control” and that no toxic or polluting substances had been released, citing the head of the crisis management center for Iran’s East Azerbaijan province.

  • 22:41 GMT

    A suspected US-Israeli attack targeted the Tabriz Petrochemical Company, with a photo shared by Press TV showing a massive fire and a column of smoke rising from the facility.

  • 22:33 GMT

    Pakistan’s Prime Minister Shehbaz Sharif said after meetings with the foreign ministers of Türkiye, Egypt and Saudi Arabia that Islamabad is pushing for urgent collective efforts to end the widening hostilities in the region.

    In a series of posts on X, Sharif said he had stressed the heavy human and economic toll of the conflict across Iran and other Muslim countries, and reaffirmed Pakistan’s commitment to helping bring Iran and the US to the negotiating table. He also said he had agreed with Saudi Foreign Minister Prince Faisal bin Farhan to remain in close coordination, while emphasizing unity among Islamic countries in pursuit of regional peace and stability.

    The Foreign Ministers of Egypt, Saudi Arabia and Turkiye departed Islamabad at the conclusion of Quadrilateral consultations. pic.twitter.com/0cj2EPRWNJ

    — Ministry of Foreign Affairs - Pakistan (@ForeignOfficePk) March 29, 2026
  • 22:14 GMT

    WHO chief Tedros Adhanom Ghebreyesus said Israel’s expanding military operations in southern Lebanon had killed another health worker, bringing the number of confirmed fatalities among medical personnel to at least 52.

    “A paramedic was killed in a strike on an ambulance in Bint Jbeil. Additionally, a medical warehouse in the same city was destroyed in an attack,” Ghebreyesus wrote in a post on X, adding that attacks on health facilities “cannot become the norm” and “must cease immediately.”

    Israel's expanding military operations in southern Lebanon have resulted in the death of yet another health worker today. A paramedic was killed in a strike on an ambulance in Bint Jbeil.Additionally, a medical warehouse in the same city was destroyed in an attack.Prior to… pic.twitter.com/C58rPp0K3a

    — Tedros Adhanom Ghebreyesus (@DrTedros) March 29, 2026
  • 21:44 GMT

    Iran’s joint military command spokesperson, Ebrahim Zolfaghari, said Tehran would “start bombing” the private residences of US and Israeli officials in the Middle East, including Israel, calling them legitimate targets “in response to the enemy’s attacks on residential and civilian homes in Iran.”

    In response to the enemy's attacks on residential and civilian homes in Iran، WE BEGIN BOMBING US-ISRAELI OFFICIALS/COMMANDERS’ HOMES IN REGION. pic.twitter.com/5QbMubrcSV

    — Ebrahim Zolfaghari ☫ (@ibrahim_zolfgri) March 29, 2026

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