Iran unleashed a wave of attacks against Israel and Gulf nations on Wednesday, including targeting a Saudi oilfield, as reports of a proposed record release of oil reserves helped calm markets and prices.

The war sparked by United States-Israeli strikes on Iran has spread across the region and beyond, causing spiking energy costs, fuel rationing and even school closures.

G7 leaders will meet by video conference later on Wednesday to discuss the war’s economic consequences, particularly the “energy situation,” the French presidency said. The International Energy Agency will decide on a proposal for its largest-ever oil reserve release, the Wall Street Journal reported.

The United States on Tuesday said it was hitting Iranian ships capable of mining the Strait of Hormuz, the crucial passageway for oil that has been effectively closed by Iranian threats.

The US military posted video footage of Iranian boats blasted apart, saying it had destroyed 16 minelayers near the strait, through which one-fifth of the world’s oil passes.

“If for any reason mines were placed, and they are not removed forthwith, the military consequences to Iran will be at a level never seen before,” President Donald Trump wrote on social media.

Trump faces mounting political risks over the surging cost of oil, months before US elections. Crude prices spiked five per cent late Tuesday before turning lower on Wednesday after the reserve release report.

Trump said the US military could accompany tankers through the strait, but his administration acknowledged that a post by the energy secretary announcing a first such escort was untrue.

Early on Wednesday, the UK maritime agency said a container ship off the coast of the United Arab Emirates had been hit by an “unknown projectile,” illustrating the ongoing risks to transport through the region.

With an eye on jittery markets, Trump on Monday said the war would be short, although his Defence Secretary, Pete Hegseth, said Tehran would be hit by unprecedented fire on Tuesday.

’Not seeking ceasefire’

The Israeli-US attacks came weeks after Iranian authorities ruthlessly crushed mass protests, although the United States and Israel said they were not necessarily seeking to topple the Islamic republic.

Iranian authorities warned against dissent at home, with the country’s police chief saying protesters would be viewed and dealt with as “enemies.”

“All our forces are also ready, with their hands on the trigger, prepared to defend their revolution,” national police chief Ahmad-Reza Radan said in comments aired by IRIB.

Tehran also intensified its assault on targets in the region, with the government announcing it carried out its own “most intense and heaviest” salvo, firing missiles for three hours at cities across Israel.

AFP journalists heard air raid sirens and explosions in Jerusalem. Emergency services reported no immediate injuries, although Channel 12 said several people were hurt in Tel Aviv. New salvos were reported early on Wednesday, with no reports of injuries.

Iran’s Revolutionary Guards said they also fired on Bahrain and Iraqi Kurdistan, both of which have a heavy US military presence, and also targeted a US air base in Kuwait, Iranian media said.

Kuwait said it had downed eight drones, without offering further details.

Drones and ballistic missiles were also intercepted elsewhere in the Gulf, including multiple drones heading to the Shaybah oilfield in Saudi Arabia, its defence ministry said.

Earlier, Iranian parliament speaker Mohammad Bagher Ghalibaf, a former top commander in the elite Revolutionary Guards, said in an English-language post on X: “Certainly we aren’t seeking a ceasefire.”

“We believe the aggressor must be punished and taught a lesson that will deter them from attacking Iran again,” he added.

Seven US military personnel have been killed and about 140 injured since the start of the war, according to the Pentagon.

**Fright in Tehran**

The United States and Israel launched the war on February 28 with an attack that killed Iran’s veteran leader, Ayatollah Ali Khamenei. His son, Mojtaba Khamenei, has been named his successor, though he has yet to appear in public.

In Tehran, one woman in her 40s said she found some reassurance in her impression that the bombings “don’t target ordinary buildings.”

“The noise of the bombings is extremely disturbing,” she said.

Iran’s health ministry said on March 8 that more than 1,200 people had been killed and over 10,000 civilians injured.

The conflict has spread as far as Sri Lanka, where US forces torpedoed an Iranian ship, and Australia, which said on Wednesday it had granted asylum to two more members of the Iranian women’s football team.

Iraq and Lebanon, both home to Iran-backed fighters, have become proxy battlegrounds in the war.

In Iraq, Iranian-linked groups said on Tuesday that five of their fighters died in strikes they blamed on the United States.

In Lebanon, hundreds of people have been killed and hundreds of thousands have fled their homes following Israeli air strikes and ground operations targeting Iran-backed Hezbollah.

New Israeli strikes were reported in Beirut’s southern suburbs on Wednesday, with the health ministry saying another five people had been killed in the southern town of Qana.

An Israeli strike also hit a central Beirut neighbourhood on Wednesday morning, state media reported.

Iran complained to the United Nations that four of its diplomats died in a strike on a seafront hotel in central Beirut on Sunday, which Israel said was aimed at “key commanders” from Iran’s Revolutionary Guards.

The effects of the war are being felt globally, with the UN trade and development agency warning of rising costs for essentials such as fuel and food hitting the world’s most vulnerable people.

In Egypt, which increased the cost of fuels by up to 30 per cent, mother-of-six Om Mohamed fretted about the future.

“We were barely getting by as it is. I don’t know how people will manage,” she told AFP at a Cairo market.

AFP

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The House of Representatives Committee on Finance on Tuesday directed the Federal Airports Authority of Nigeria to recover the N18.98bn owed to the Federal Government by foreign airlines operating in the country within two weeks.

The directive was issued by the Chairman of the Committee, James Faleke, when officials of FAAN, led by the Managing Director, Olubunmi Kuku, appeared before the panel as part of its ongoing revenue monitoring exercise.

Lawmakers expressed displeasure over what they described as the growing debt profile of international airlines operating in Nigeria, insisting that the situation was unacceptable.

Faleke noted that the accumulation of such liabilities, despite clearly defined payment timelines for airport service charges, raised serious questions about revenue enforcement in the aviation sector.

Earlier in her presentation, the FAAN managing director explained that airlines operating in Nigerian airports are required to settle their service charges within two weeks.

She, however, disclosed that a number of operators had exceeded that window, with some liabilities stretching beyond 30 days, 90 days and, in certain cases, more than one year.

Kuku also presented a breakdown of the outstanding debts owed by several international carriers.

Among the airlines listed were Qatar Airways, Lufthansa, British Airways, Virgin Atlantic, KLM, EgyptAir, Ethiopian Airlines, Air France, Royal Air Maroc, Turkish Airlines and Africa World Airlines.

She explained that the figures represent charges for services provided by FAAN and collected through the settlement platform of the International Air Transport Association.

According to her, Qatar Airways currently owes about N1.5bn, while Lufthansa’s outstanding liability also stands at approximately N1.5bn.

She further stated that Virgin Atlantic owes about N1.35bn, while KLM, EgyptAir and Ethiopian Airlines each owe over N1bn in varying categories of current and outstanding payments.

Other airlines listed in the debt profile include Air France, Royal Air Maroc, Turkish Airlines and Africa World Airlines, with liabilities ranging between N700m and N1bn.

The FAAN boss told the committee that the total outstanding amount owed by the airlines currently stands at N18.98bn.

Lawmakers, however, queried why the airlines were allowed to accumulate such debts despite the stipulated two-week payment window.

A member of the committee asked FAAN why operators who fail to meet their obligations within the approved timeframe were not sanctioned or barred from operating at Nigerian airports.

“Why would you allow an airline to owe beyond the two weeks allowed?” the lawmaker queried.

The committee also demanded to know whether airlines that eventually settle their obligations after the deadline are required to pay interest on the outstanding sums, warning that persistent delays could amount to negligence.

Members further questioned why certain airlines were allowed to continue operations despite carrying debts exceeding 90 days or even one year, stressing that such practices could undermine revenue enforcement.

Responding, Kuku explained that international airline payments are often processed through a global clearing system operated by IATA, which sometimes results in settlement delays.

She noted that the system allows airlines to make payments through a centralised platform used globally for aviation ticketing and financial settlements.

According to her, FAAN closely monitors the ageing of airline debts and intensifies engagement with operators once liabilities exceed 30 days, while debts above 90 days attract stronger enforcement measures.

She also revealed that FAAN had, on some occasions, grounded airlines that failed to meet their payment obligations, particularly domestic operators that do not operate under the same global credit structure as international carriers.

Despite the explanation, lawmakers insisted that stricter enforcement mechanisms must be introduced to prevent the continued accumulation of debts.

The committee subsequently directed FAAN to provide detailed addresses and documentation for all the airlines listed as debtors.

It also warned that the affected operators would be invited to appear before the House to explain the outstanding liabilities if they fail to clear the debts within the stipulated period.

“We need every kobo that belongs to this country,” Faleke said, warning that airlines found violating their financial obligations would be held accountable.

Foreign airlines operating in the country are required to pay a range of statutory charges for the use of airport facilities and services provided by FAAN.

These include passenger service charges, landing and parking fees, aeronautical service charges and other operational levies.

PUNCH Online reports that over the years, the recovery of such charges has occasionally been complicated by the global settlement structure used in the aviation industry, where airlines process payments through the International Air Transport Association’s clearing system.

Under this arrangement, airlines operating in multiple jurisdictions settle certain charges through centralised platforms that aggregate payments before disbursement to airport authorities and service providers.

However, Nigerian lawmakers have repeatedly raised concerns that the system should not be used as a basis for prolonged delays in settling debts owed to government agencies.

The latest directive by the House Committee on Finance forms part of a broader effort by the National Assembly to strengthen revenue collection by federal agencies and block leakages in government income streams, particularly in sectors considered critical to national economic growth.

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