Oil prices remained well below Monday's peaks but the price of Brent crude, the international standard, was still up some 20% Wednesday from when the war began, and consumers around the world are already feeling the pain at the pump.
The spike in oil prices has been rocking financial markets worldwide because of worries that a prolonged war could hinder exports from a critical region.
The U.S. military said Tuesday it had destroyed 16 Iranian minelayers near the Strait of Hormuz, though U.S. President Donald Trump said in social media posts that there were no reports yet of Iran mining the passage.
If the strait is mined, it could take at least weeks to clean it up once the conflict is over.
Some tankers, believed linked to Iran, are continuing to get through the strait making so-called “dark” transits -- meaning they aren’t turning on their Automatic Identification System trackers, which show where vessels are. Vessels carrying sanctioned Iranian crude often turn off their AIS trackers.
The security firm Neptune P2P Group said Wednesday there had been seven ships pass through the strait since March 8. Of them, five were linked to Iranian-associated shipping, it said. In ordinary times the strait typically sees 100 ships or more transit daily from the Persian Gulf into the Gulf of Oman.
Meanwhile, two Iranian drones hit near Dubai International Airport, home to the long-haul carrier Emirates and the world’s busiest for international travel. Four people were wounded but flights continued, the Dubai Media Office said.
Iran's joint military command announced it would start targeting banks and financial institutions in the Middle East. That would put at risk particularly Dubai, in the United Arab Emirates, which is home to many international financial institutions, as well as Saudi Arabia and the island kingdom of Bahrain.
Earlier, a projectile hit a Thai cargo ship off the coast of Oman in the Strait of Hormuz, setting it ablaze. Authorities are searching for three missing crew members from the Mayuree Naree after 20 were rescued by the Omani navy, according to Thailand’s Marine Department.
Kuwait said its defenses downed eight Iranian drones and Saudi Arabia said it intercepted five heading toward the kingdom’s Shaybah oil field.
Iran has effectively stopped cargo traffic in the narrow strait through which about a fifth of all oil is shipped. It has also targeted oil fields and refineries in Gulf Arab nations, aiming at generating enough global economic pain to pressure the United States and Israel to end their strikes.
The U.N. Security Council was to vote later Wednesday on a resolution sponsored by the Gulf Cooperation Council demanding Iran stop attacking its Arab neighbors.
Witnesses reported continuous airstrikes hitting Tehran after Israel said it had renewed its attacks. Explosions were also heard in Beirut and in southern Lebanon after Israel said it was hitting targets connected to Iran-backed Hezbollah terrorists.
Meanwhile Israel continues to pound Hezbollah terrorists in Lebanon.
The attacks set a building ablaze in central Beirut's densely populated Aicha Bakkar area, engulfing the top two floors. There were no immediate reports of casualties.
Other Israeli strikes on southern and eastern Lebanon killed 14 people, and a Red Cross worker also died Wednesday of wounds sustained Monday, when his team was hit by an Israeli strike while they were rescuing people from an earlier attack.
Lebanon's Health Ministry said Wednesday that 570 people have been killed in the country since that latest fighting began. Hezbollah fired rockets at Israel after the United States and Israel began the wider war with their surprise bombardment of Iran.
