type: timeline_event
On March 11, 2026 -- Day 12 of Operation Epic Fury -- Iran's Islamic Revolutionary Guard Corps struck a cargo ship in the Strait of Hormuz with drone and missile fire, further disrupting the critical chokepoint through which approximately 20 percent of the world's seaborne oil trade transits daily. The IRGC simultaneously launched its latest wave of attacks on Gulf nations, with the Israel Defense Forces reporting that ballistic missiles were launched from Iranian territory toward Israel, triggering air raid sirens and interception operations across multiple Israeli cities.
An IRGC spokesperson issued a stark economic ultimatum: "Not one litre of oil will get through the Strait of Hormuz. Expect oil at $200 per barrel." The statement reflected Iran's explicit strategy of weaponizing its geographic position to impose global economic costs on the U.S.-led military campaign. Since the war's start, tanker traffic through the Strait had declined by approximately 70 percent, with over 150 ships anchoring in international waters outside the strait to avoid attack.
The International Energy Agency described the Strait of Hormuz closure as the largest oil supply disruption in history. An emergency coordinated release of 400 million barrels from strategic petroleum reserves by dozens of countries had failed to stabilize markets. Oil prices hovered between $100-$120 per barrel, threatening a global recession.
The U.S. military simultaneously released footage of naval strikes on remaining Iranian ships, claiming continued degradation of Iran's naval forces. Operation Epic Fury's White House communications apparatus had initially claimed Iran's navy was 90 percent destroyed within the first week of the conflict; the ongoing ship attacks and IRGC maritime harassment suggested Iran had dispersed smaller vessels and fast attack craft that survived the initial strikes.