Iranian President Masoud Pezeshkian confirmed on March 18, 2026, that Intelligence Minister Esmail Khatib was killed in a targeted attack, marking a significant escalation in regional hostilities. This follows Israel’s announcement of the elimination of Ali Larijani, Iran’s top security official, earlier this week.
The conflict intensified after Israeli forces struck Iran’s South Pars gas field – the world’s largest natural gas reservoir – disrupting global energy markets. In response, Iran launched retaliatory strikes on energy infrastructure in Saudi Arabia, the United Arab Emirates, and Qatar, raising concerns about prolonged supply chain disruptions.
Analysts warn the attacks could destabilize security across the Persian Gulf, a critical shipping corridor responsible for 30% of global oil trade. The Chinese mainland and other Asian economies are closely monitoring potential impacts on energy prices and maritime security.
Regional governments have called for emergency APEC member consultations, while the UN Security Council prepares to convene an urgent session. Business leaders anticipate volatility in Asian markets as investors weigh risks to trade routes and energy-dependent industries.
