THE WORLD TODAY #276, 11 MARCH 2026
Adwitiyo Das, Glynnis Winona Beschi, Lekshmi MK, Siddhi Halyur, Tonica Sharon C, Yesasvi Koganti

The US-Iran War, Day 12
IEA deliberates releasing a record 400 million barrels of emergency oil reserves; Tehran strikes three more vessels in the Strait of Hormuz, warns the world to prepare for oil prices to hit USD 200 million; Israel does not foresee a regime change or immediate end to the war, Reuters cites senior military officials
On 11 March, the International Energy Agency stated that it proposed releasing 400 million barrels per day from strategic oil reserves, adding that 32 member countries had unanimously agreed to make emergency reserves available to the market. Japan's Ministry of Economy, Trade and Industry also revealed plans to release around 80 million barrels from its private and national oil reserves. On the same day, three more vessels were hit ​by unknown projectiles in the Strait of Hormuz as Iran's Revolutionary Guard Corps warned that any ship passing through the Strait will be targeted. The IRGC statement highlighted that the ship was "fired upon by Iranian fighters," suggesting the first direct engagement by the Guards who have previously fired missiles or drones. Iran's military spokesperson, Zolfaqari later warned that the world to "Get ready ​for oil be $200 a barrel, because the oil price depends on regional security which you have destabilised." 

Reuters also reported that Israel was uncertain that the war would lead to a regime change and that "Washington is not close to instructing an end to the conflict." The report cites senior Israeli officials. Israel's Foreign Minister Gideon Saar stated that the war would continue until Tel Aviv and Washington determined the time had come to end hostilities, but that Israel did not seek "endless war."

Spain and Israel: Madrid withdraws ambassador from Israel over Iran war rift
On 11 March, Spain permanently withdrew its ambassador to Israel, formalising a diplomatic rupture deepened by Madrid's opposition to the US and Israel's attacks on Iran. The Foreign Ministry announced the same in the official gazette of the government. The Tel Aviv embassy will now operate under a charge d'affaires indefinitely mirroring Israel's Madrid mission, which has lacked an ambassador since May 2025 (this was when Spain recognised a Palestinian state). The move escalates a standoff that began last September when Spain recalled its envoy amid a row over Madrid's bans on aircraft and ships carrying arms to Israel transiting its ports or airspace. These measures were denounced by Israeli Foreign Minister Gideon Sa'ar as being antisemitic in nature. Tensions have surged since the current Iran war with Sa'ar in early March accusing Spain of "standing with tyrants". Spain and Israel's relations have been strained since Israel's offensive in Gaza in October of 2023 and these new updates further complicate Madrid and Tel Aviv's relations.

The UK: Parliament ends hereditary seats in its Upper Chamber
On 11 March, the UK parliament passed the Hereditary Peers Bill to remove hereditary peers from the House of Lords, a centuries-old system. It fulfilled a reform launched more than two decades ago and a key manifesto pledge from the Labour government. Before the reform, ninety-two hereditary peers were part of the upper chamber as a compromise when more than 600 were removed in 1999 under Tony Blair. Under the system, around fifteen Conservative hereditary peers would secure life peerages and the party would decide whom to nominate. The House of Lords currently has 800 members, and has powers to amend legislation but not block bills passed by the elected lower chamber.

The US and Venezuela: Delcy Rodriguez faces potential Washington charges amid threats of legal coercion
On 11 March, Reuters reported that the Trump administration is likely preparing a criminal indictment against Venezuela's interim president Delcy Rodríguez. Though the White House considers Rodríguez as a partner, federal prosecutors in Miami are reportedly preparing a criminal indictment against her for corruption and money laundering. This is said to involve Venezuela’s state oil company PDVSA funds between the years of 2021 and 2025. As per the report, the US strategy of withholding a formal filing and keeping the charges in draft form serves as a strategic ultimatum to secure Venezuela's cooperation. It further suggests that Rodríguez’s legal safety depends on her cooperation with Washington's demands. The demands include the arrest of key figures like Alex Saab and Raul Gorrin. The Deputy Attorney General Todd Blanche has addressed these claims as "fake news.” Washington has been succesful at the negotiation of expansion for American firms to the nation’s vast oil and gas reserves. By using this legal pressure, the US secures a stable trade while ensuring the Venezuela government chooses Western trade partners over old allies.

China and North Korea: Beijing deepens economic ties with Pyongyang amid Washington’s interest in reviving ties with Pyongyang
On 11 March, Reuters reported that China and North Korea's relations appear to be rebuilding after several years of strained ties. This is evident with Kim’s arrival in Beijing for a military parade in September, along with a senior economic delegation. The visit, while focused on trade and investment, signals a thaw in ties after several years of strained relations. Additionally, Chinese Premier Li Qiang's visit to Pyongyang, during which officials described the renewed engagement as the start of a “new chapter” in bilateral relations.  The renewed engagement reportedly reflects Beijing’s effort to restore its traditional influence over Pyongyang, which has strengthened ties with Russia since the Russian invasion of Ukraine. 

Similarly, new roadworks, port facilities, and developing logistics infrastructure, as suggested by investigations and satellite imagery. Passenger rail services between Beijing, Dandong, and Pyongyang will reportedly be resumed after a six-year hiatus, revealing growing cooperation on China and North Korea border. There is also an increase in China’s exports to North Korea to USD 2.3 billion in the previous year, marking it as the highest level of exports to North Korea in six years. This renewed relationship between China and North Korea comes amid President Trump’s keen interest in reopening diplomatic talks with Kim.