ANKARA DAILY - 12 MARCH 2026
Oil Surges Above $100 As Iran Strikes Ships, Fuel Depots; Ankara Warns Region "Thrown Into Fire"; Turkey External Debt At $520B
Iran Escalates Attacks on Tankers and Energy Facilities, Oil Crosses $100
Iran attacked at least six tankers and energy infrastructure across the Gulf on Wednesday, including two crude tankers in Iraqi waters and fuel storage in Bahrain. Brent crude surged above $107 while IRGC warned world to prepare for $200/barrel oil. IEA said Iran war is causing unprecedented turmoil, hitting 7.5% of global supply.
Pentagon Tells Congress First Six Days of Iran War Cost $11.3 Billion
Pentagon informed Congress the first six days of US war against Iran cost more than $11.3 billion, with total expected to rise as additional operational expenses are calculated. Lawmakers expressed concerns as Trump officials projected $50 billion more may be needed for Iran war funding.
Kremlin Says Next Round of Russia-Ukraine-US Talks May Take Place in İstanbul
Kremlin spokesman Dmitry Peskov said all participants in negotiations on Ukraine have positive attitude towards İstanbul as venue for next round of Russia-Ukraine-US talks. President Recep Tayyip Erdoğan told Ukrainian President Volodymyr Zelensky that Iran conflict must not obstruct Ukraine peace negotiations.
Turkish Airlines Launches Direct Flights to Yerevan Amid Armenia-Turkey Thaw
Turkish Airlines launched direct flights between İstanbul and Yerevan on Wednesday, marking new step in slow rapprochement between Armenia and Turkey, which have never established formal diplomatic relations. The move comes as Yerevan and Ankara pursue cautious normalization after decades of hostility.
DRIVING THE DAY
SUMMARY: Brent crude surged above $100 a barrel and global markets sold off March 12 as Iran escalated attacks on tankers in Iraqi territorial waters and energy infrastructure across the Gulf, marking the most severe oil market disruption on record according to the International Energy Agency. President Recep Tayyip Erdoğan reiterated March 11 his warning that the Iran war "must be stopped before the whole Middle East region is thrown into the fire," as Turkish Airlines launched direct İstanbul-Yerevan flights marking a concrete step in Armenia-Turkey rapprochement. Turkey's external debt stock stood at $520 billion in Q4 2025, the Central Bank (TCMB) reported March 12, as 15 Turkish-owned vessels remained stranded in the Strait of Hormuz and Transportation Minister Abdulkadir Uraloğlu confirmed crews were safe and in regular contact with Ankara. END SUMMARY.
