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Oil Prices Starting to Ease, Markets in the Green Following Trump's Pronouncement on the Possible Ending of the War in Iran; Iranians Celebrate New Supreme Leader's Appointment. Aired 3-4a ET

Aired March 10, 2026 - 03:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[03:00:00]

(COMMERCIAL BREAK)

UNKNOWN (voice-over): This is CNN Breaking News.

ROSEMARY CHURCH, CNN ANCHOR: Hello and welcome to our viewers from all around the world, I'm Rosemary Church.

As the war with Iran stretches into a second week, U.S. President Donald Trump is giving conflicting answers on how much longer it will last. He says the war could end soon or go further. Those comments, as strikes are ongoing, U.S. Central Command has released a video showing three strikes on what it says were Iranian missile launches.

And in Bahrain, the Interior Ministry says an Iranian missile struck a residential building overnight. At least one person was killed and eight others injured. A top Iranian official is signaling that Iran is willing to keep attacking Gulf countries in an effort to persuade them to convince President Trump to step back from the conflict.

But the U.S. President is now threatening to hit Iran, quote, "20 times harder if it tries to stop oil from being shipped through the Strait of Hormuz." He had this message during his first formal press conference since the war began.

(BEGIN VIDEO CLIP)

DONALD TRUMP, U.S. PRESIDENT: I will not allow a terrorist regime to hold the world hostage and attempt to stop the globe's oil supply. And if Iran does anything to do that, they'll get hit at a much harder level.

I will take out those targets that were easy and that I mentioned just before. We'll take them out so quickly they'll never be able to recover, ever.

(END VIDEO CLIP)

CHURCH: CNN's Oren Liebermann joins me now from Tel Aviv. So, Oren, what is the latest on Israeli and U.S. strikes on Tehran?

OREN LIEBERMANN, CNN JERUSALEM BUREAU CHIEF: Those continuing, you just heard President Donald Trump reference this at incredibly intense as both the U.S. and Israel work their way down an extensive target list of the Iranian regime, the intelligence apparatus, the Navy, that part being focused on by the U.S., and ballistic missiles and launchers. That's been a target since the very beginning.

And that very much continues as, according to Iranian state media, the death toll in Iran has now crossed 1200. And according to Iranian state media, in one of the squares in Iran, rescue workers were looking to look for survivors and uncover the body of those killed in an attack that hit the square in what they say is a residential building in Tehran itself. Iranian state media says some 40 people were killed in that attack, a number CNN cannot independently verify.

But this, as we see continued strikes not only in Tehran by the Israeli military, who said they launched another wave of attacks late last night, but also the U.S. continues to carry out those attacks. And as you pointed out, U.S. Central Command, which governs U.S. military operations in the Middle East, also released footage of going after ballistic missile launchers, the trucks that you see in the video hiding in what appear to be tunnel shafts or underneath a tree, I think is what you see in one part of the video there.

Ballistic missiles have been a threat not only to Israel. Here we've had incoming many, many times since the war began 12 days ago. But also the shorter range missiles have been a threat to the entire Gulf, and that's been a key target for the U.S. and Israel.

What is noteworthy on this end, Rosemary, is that we haven't actually had warnings of incoming missiles last night. Normally we have seen, at least within several hours, you would see at least one siren warning of incoming missiles. That did not occur last night as the Israeli military says they are degrading Iran's ability to launch missiles.

CHURCH: And Oren, Israel has been bombarding Hezbollah targets in Lebanon. And it looks like the Lebanese President wants a diplomatic solution. What are you learning about this?

LIEBERMANN: This is a remarkable statement from Lebanese President Joseph Aoun. And it came on a Zoom call with European Union leaders.

First, he condemned Hezbollah and accused them of betraying Lebanon, saying that they were working at the behest of the Iranian regime, but also in their actions were working to topple the Lebanese government. An incredibly strong accusation against Hezbollah, who had been declared just days earlier, their military activity, that is, had been declared illegal.

He proposed a new initiative in which there would be direct talks with Israel for what he called a permanent cessation of hostilities and arrangements on security and the border. That, too, is a remarkable statement coming from Lebanon.

[03:05:04]

A couple of ways to view this. First, it is a clear call for help. The Lebanese government cannot deal with Hezbollah on its own, it does not have the force or the strength to disarm Hezbollah, so it needs the help of the international community.

And second, it is an attempt to show an olive branch. The real question here, as Israel's assault on Lebanon continues, is whether Israel is willing to engage in those direct negotiations. Right now, from the attacks we are seeing in Lebanon from the Israeli military, it does not look like there is an effort to engage from the Israeli side here.

CHURCH: Alright, our thanks to Oren Liebermann joining us live there with that report from Tel Aviv. Many thanks.

Well the rollercoaster ride for the world's oil markets shows no signs of slowing down. Crude prices at one point soared to almost $120 a barrel on Monday, but they later settled at under $100 after President Trump told CBS News that he thought the war with Iran was, quote, "very complete."

Here's where the price stands right now for the U.S. benchmark WTI, you see there just over $88. And here's a look at the global benchmark Brent Crude at $93.78, that's down more than 5 percent. Despite the volatility, the President continues to downplay the surge in prices.

(BEGIN VIDEO CLIP)

TRUMP: I knew oil prices would go up if I did this, and they've gone up probably less than I thought they'd go up. But I don't think anybody thought we were going to be this quickly successful. This was a military success the likes of which people haven't seen.

(END VIDEO CLIP)

CHURCH: CNN's Eleni Giokos joins me now live from Abu Dhabi with more. So, Eleni, President Trump's mixed messages Monday saw oil prices ease just as markets closed, but then his message changed. What is going on here?

ELENI GIOKOS, CNN CORRESPONDENT: Yes, I mean, it's a lot of noise is what I'm hearing from traders, from oil producers.

And they're saying, you know, we've got to look at the fundamentals here. You still have the Strait of Hormuz that counts for around 20 percent of oil and gas as an important way to get stuff out of the region. That is still majorly disrupted.

Importantly, you have energy infrastructure that has been hit. You also have a lot of countries here in the Gulf saying they have to pull back on production because there is no space to store the oil and the gas. So they have to pull back on that, so we're seeing major disruptions there.

On the other end of the spectrum, you're hearing G7 countries saying they are ready to release strategic petroleum reserves. That could perhaps put in a little bit of more capacity into the system, but that would just be putting a plaster over a really deep wound. President Trump saying we're almost complete, but then saying it's not going to end by the end of the week. And I think markets right now are capitalizing on noise that is the chaos that is pretty much evident in the system.

When you have Brent crude prices hitting almost $120 a barrel, it really shows the fear that's in the market because there is an understanding that even if the Strait of Hormuz does open up, you're going to still see a major backlog of vessels that still need to move through and of course, we've seen this disruption. It's here, it's not going away.

Even if it ends in a few weeks' time, as the timeline has been set forth by the United States, we will still see a big issue. And I think people in the United States are already talking about much higher prices at the gas station. It's already feeding through into what consumers are experiencing, and eventually it's going to feed through into overall inflation around the world.

This is oil importers that are going to be feeling the pinch more than anything. But also, importantly, Rosemary, what we're seeing here from a political perspective is that President Trump actually posted something really interesting that I thought was something we should highlight. He was saying that if Iran does attempt to target any vessels in the Strait of Hormuz, that they're going to be struck 20 times harder.

And he says this is a gift to China and Asia that relies so heavily on oil that comes through the Strait of Hormuz. But important to note that Iran's leverage here in terms of affecting oil prices isn't just going to affect Asian countries, but it's going to affect people as far as the United States. The IRGC, for its part, is saying they're waiting for the U.S. Navy to escort the vessels through the Strait, and they've promised to strike back as well.

So we're seeing a war of words, we're seeing a lot of rhetoric, but it's important to focus on the fundamentals in terms of how much oil capacity has been removed from the market at this point.

CHURCH: Yes, exactly. Eleni Giokos, joining us live with that report from Abu Dhabi. Many thanks.

And joining me now is Iman Nasseri, the Managing Director for the Middle East at the energy consulting firm FGE. I appreciate you joining us.

[03:10:06]

I can't hear you, but hopefully we can make an adjustment. Let me go on and just ask the question.

Oil and gas prices have been surging as a result of this war in Iran, which has seen energy infrastructure attacks simultaneously across the entire region for the first time ever, and now the closure of the crucial Strait of Hormuz is halting the supply of 20 percent of global oil and gas production. What are the ramifications of all this for many countries, if not most countries?

IMAN NASSERI, MIDDLE EAST MANAGING DIRECTOR, FGE: Yes, can you hear me now? I hope you do.

CHURCH: Okay. Yes.

NASSERI: Yes, 20 percent of world oil consumption and a much larger share of the oil trade has been shut off the market for the past 10 days or so. That, if you just assume 10 days of 20 million barrels each, that's 200 million barrels off the market.

The barrels were supposed to be loaded and sailing to Asia mostly, with some smaller portion of that going to Africa and Europe and arriving within the next week or two. So far, the market has only been dealing with the perception of lack of supply in the coming weeks. The physical market has been well supplied so far because all the shipments arriving over the past 10 days had long left the Strait of Hormuz before the war broke.

So going forward, now the markets to deal with this have decided that some of the stocks held by the OECD countries in Europe, U.S., and Japan, Korea, can calm the market and fill the gap for at least two weeks or three. They have decided to release 300 million barrels of stocks from the inventory.

That will take care of the oil market for at least two weeks, which has caused basically the oil price spike to come down to $80, $90 since last night after the IEA announced its stock release. The other issue that the market has been dealing with is of course how long the Strait of Hormuz will get closed. And again, signals coming from the U.S. President Trump --

CHURCH: Yes, I do want to talk about that because U.S. President Donald Trump has been giving mixed messages on when this war will end, implying just before markets close Monday that the war could end soon and changing that message after oil prices eased. What's your reading of his mixed messages on that issue?

NASSERI: Yes, so his mixed messages was not necessarily only about the end of war, but he also gave mixed messages regarding the Strait of Hormuz and the passage of ships over the past few days. He announced, oh, I'm going to release basically or make insurance available and then the escort and navy, none of which have been immediately or clearly been explained and provided to the market, as well as the end of war.

And this makes the market, the participants in the market, more confused about how long they have to build into their assumptions the lack of supply from the Middle East. The Middle Eastern countries had to shut in capacity production after they stopped loading ships because there's so much storage tanks that they can fill up.

And so the mixed messages, why do we see that? It's not the first time that we have seen mixed messages and signals from U.S. President Donald Trump. But in this specific case, many people believe that it's basically not to reveal hands and strategy to the Iranians and basically keep the pressure campaign on them to either give in and come to a ceasefire or break down there.

But again, it comes at a huge cost to the market, this confusion, because they have to always market trades weeks ahead, if not months, and this confusion only makes their job harder.

CHURCH: Iman Nasseri, in Dubai. Many thanks for joining us and sharing your analysis. I appreciate it.

NASSERI: Thank you.

CHURCH: Of course.

Well, still to come, Israel has said it will not stop its military operations in Lebanon until Hezbollah is fully disarmed. A report from the northern Israeli border when we return.

[03:15:05]

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CHURCH: Lebanon's President is calling for direct peace talks with Israel. In a statement Monday, he rebuked Hezbollah for betraying the country, but also accused Israel of showing, quote, "no respect for the laws of war."

We are getting a sense of the staggering toll of that war. Lebanon's health ministry says at least 486 people have been killed across the country, including 83 children. The United Nations says nearly 700,000 people have been displaced from their homes. 200,000 of them are children.

[03:20:05]

And the deaths include a priest from a Christian village north of the border with Israel. He had vowed to keep his church open during the crisis and was killed by Israeli tank fire.

Meanwhile, Israeli airstrikes continue to shake Beirut. On Monday, Lebanese state media reported strikes in a neighborhood considered a Hezbollah stronghold, with one targeting a financial institution used by the militant group.

CNN's Nick Paton Walsh is in northern Israel and brings us the latest.

(BEGIN VIDEOTAPE)

NICK PATON WALSH, CNN CHIEF INTERNATIONAL SECURITY CORRESPONDENT (voice-over): As the war fast spills over and twists, here Hezbollah rockets meet Israeli air defense. The fight thickening on the northern border Sunday night.

PATON WALSH: I've been hearing that for about an hour now. Probably airstrikes over there in southern Lebanon.

PATON WALSH (voice-over): Blasts through the dark. With daylight, it persisted, joined by Apache attack helicopters throwing defensive flares. As Israel said, it had overnight led its second targeted raid on the Iranian ally here.

Small arms fire close by. Israel has demanded much of southern Lebanon empty out, but there were no open signs they were yet here in number enough for a full invasion. Instead, picking off targets.

The goal, to disarm Hezbollah forever, not yet in reach, their rockets constant.

PATON WALSH: We're right over our head.

PATON WALSH (voice-over): The house where we took cover had 28 alerts last night.

PATON WALSH: How long is it? About 10 seconds?

UNKNOWN: No, it's immediate. You need to hear the--

UNKNOWN: The horn, the IRP, the siren, but it's the moment that you need to be inside shelter.

PATON WALSH: Don't you get tired of this?

UNKNOWN: We get tired. We don't have any choice. It's our home.

PATON WALSH (voice-over): Devastated, Lebanon their view. Here has a feeling of repeat from late 2024 where Israel took on Hezbollah and whole towns evacuated, but now many are staying put.

In fact, this shop opened three days before the new conflict began. Owner Ori saying he's working 250 miles an hour doing mostly home deliveries.

PATON WALSH: It was a difficult business decision to open a supermarket 200 meters from Hezbollah or not?

PATON WALSH (voice-over): It wasn't an easy decision, he said, but I had no doubt that if other people lived here, I could as well.

Life here, trying to act as if nothing is happening, although it surely must if Israel's goals are to be met.

Nick Paton Walsh, CNN, Metula, Israel.

(END VIDEOTAPE)

CHURCH: Iranian officials say they refuse to back down on what they say is an existential threat posed by the U.S. and Israel. CNN's explosive interview with a top advisor to Iran's new supreme leader is next.

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[03:25:00]

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CHURCH: Welcome back to "CNN Newsroom," I'm Rosemary Church. I want to check today's top stories for you.

U.S. President Donald Trump is suggesting the military objective in Iran may be, quote, "pretty well complete." But he also said on Monday that, quote, we haven't won enough. The conflicting statements on just how long the war might last comes as we enter the 11th day of the conflict.

Bahrain says one person is dead and eight others injured after an Iranian strike. Bahrain's interior ministry said it was blatant Iranian aggression against a residential building in the capital, Manama. President Trump on Monday called Iran's decision to attack its neighbors very foolish, very stupid.

Anger over an energy crisis in Cuba has led to a rare protest at the University of Havana. More than 20 students staged an hours-long sit- in on Monday over class disruptions; a U.S. oil blockade of the island has contributed to a near collapse of Cuba's electrical grid.

Iranians took to the streets to celebrate after the late Ayatollah Ali Khamenei's son was named the new supreme leader. Iranian state media showed large crowds celebrating Mojtaba Khamenei's selection.

President Trump said he's disappointed in the appointment but did not say if the new supreme leader has a target on his back. The IDF, when asked, said, quote, "anyone who threatens Israel will be harmed."

[03:30:05]

An Iranian official says Mojtaba Khamenei will lead the defense capability of Iran even through a long war with the U.S. and Israel. Earlier, his foreign policy adviser spoke with CNN's Fred Pleitgen in an exclusive interview. And CNN operates in Iran with the permission of the Iranian government as required under local regulations but maintains full editorial control over what it reports.

And here's part of their conversation.

(BEGIN VIDEO CLIP)

FREDERIK PLEITGEN, CNN SR. INTERNATIONAL CORRESPONDENT: Iran has a new supreme leader. What does that mean for your military effort and the confrontation with the United States and Israel?

KAMAL KHARAZI, FOREIGN POLICY ADVISER, OFFICE OF THE SUPREME LEADER: That means the system is quite functioning.

PLEITGEN: So the United States says it's drastically degraded the Iranian military, the capabilities, as far as missiles is concerned, drones is concerned. How much longer can you do this?

KHARAZI: That is one of the false narratives that the United States government is producing. Iranian military is quite strong, as you see, because they have the motivation, they have the arms that they need, which are produced in Iran. As a matter of fact, we are not dependent on any other country for weapons and arms. PLEITGEN: So your side is ready for a long war if the United States

and Israel choose that. Do you consider this an existential threat to the Islamic Republic?

KHARAZI: It is an existential threat to the Islamic Republic and therefore we have to stay with full might, as we are doing now.

PLEITGEN: Is your side seeking or will you seek a ceasefire with the United States at this point in time, and with Israel?

KHARAZI: I don't see any room for diplomacy anymore because Donald Trump has been deceiving others and not keeping with his promises. And we experienced this in two times of negotiations that while we were engaged in negotiations, they struck us.

PLEITGEN: How does all of this end then? If you say right now there is no room for negotiation, President Trump says he wants complete surrender, what does that lead to?

KHARAZI: There is no room unless the economic pressure would be built up to the extent that other countries would intervene to guarantee this termination of aggression of Americans and Israelis against Iran.

PLEITGEN: Finally, what is your message to President Trump as we sit here, as the war is going on?

KHARAZI: That means that what is important for us is the end of this game, and we are ready to continue that game.

PLEITGEN: The end of this game, you mean how this war will end?

KHARAZI: Yes, the end of the game would be the time that Americans and Israelis would come to this understanding that this strategy is not working, and they have to stop their aggressions against Iranians.

(END VIDEO CLIP)

CHURCH: CNN's Bianna Golodryga spoke with Israeli Foreign Minister Gideon Sa'ar in an exclusive interview, and here is his justification for the military action.

(BEGIN VIDEO CLIP)

GIDEON SA'AR, ISRAELI FOREIGN MINISTER: I believe it was the right thing to do. When you go to a war, you always have prices, there are no free lunches, and it's tough to be in war, but sometimes it's more dangerous not to act than to act. And I'm sure that in this case, we both had the right decisions to act.

And I praise both leaders, President Trump and Prime Minister Netanyahu, for leading and bringing these tough decisions and also taking both nations to do what they have to do now in Iran.

(END VIDEO CLIP)

CHURCH: When asked if Iran's new Supreme Leader, Mojtaba Khamenei, is now a target for Israel, the Foreign Minister said, quote, "you'll have to wait and see," but went on to denounce Khamenei as an anti- American, anti-Western hardliner.

As the war with Iran rages on, European nations are seeking to defend their interests. French President Emmanuel Macron says his country is deploying about a dozen naval vessels to the Mediterranean Sea, the Red Sea, and potentially the Strait of Hormuz. He says they will provide defensive support to allies threatened by the conflict. Speaking aboard an aircraft carrier off the coast of Crete on Monday, Macron said the situation remains extremely volatile.

[03:34:58]

(BEGIN VIDEO CLIP)

EMMANUEL MACRON, FRENCH PRESIDENT (through translator): I want to tell the French people that France, at this time of great turmoil in the region, is operating calmly and methodically in the service of protecting its citizens, in partnership with its allies, and in a strictly defensive manner, and in the service of freedom of movement to ultimately defend our own interests, our citizens, our security, and access to the resources we need, as well as for the global economy, and to live up to our responsibilities, meaning to stand alongside our partners and those with whom we have defense agreements, nothing more.

(END VIDEO CLIP)

CHURCH: For more on how European countries are responding to the conflict in the Middle East, we're joined now by CNN producer Sebastian Shukla in Berlin. Good morning to you, Sebastian. So, what more are you learning about what France and, indeed, other European nations plan to do?

SEBASTIAN SHUKLA, CNN PRODUCER: Well, good morning, Rosemary. President Macron, when he was talking on mainland Cyprus yesterday, before that visit to the Charles de Gaulle aircraft carrier, described an attack on Cyprus as an attack on all European nations. And the maneuvering and posturing from the French President has been very clear in recent days.

That aircraft carrier that he was standing on has actually arrived in recent days in the eastern Mediterranean, just off the coast of Cyprus, which obviously is the E.U. or one of the EU27's closest member states to this theater of conflict going on in the Middle East. What the Europeans are trying to project here is a sense of defense, but also security and partnership with its other EU27 allies. And this is very much what President Macron was trying to portray yesterday.

The fact that all of these defensive, this aircraft carrier strike group will be there, it will be alongside 12 other naval vessels as well in the region, is all defensive in nature. None of this is to try to lure or try to provide the Europeans a way to get into this conflict. In fact, it's the complete opposite, they are wanting to stay out of it as best they can, but they are being dragged into it very slowly. And some of that is coming as a result of those spiking gas and oil

prices because of that issue of transit through the Strait of Hormuz. And what Emmanuel Macron is suggesting is that once the war is over, he's prepared to deploy French naval vessels to escort ships through the Strait of Hormuz to be able to restore the global supply. But we're seeing at the moment, which is a complete and utter bottleneck.

And today as well, Rosemary, we're also seeing that that continued show of strength and support for Cyprus is continuing. The German foreign minister, Johann Wadephul, is speaking right now in Nicosia alongside his counterpart and reiterating the same message that, look, Cyprus was attacked, we are here to support you. And if there is anything more that any European allies can do, all they need to do is ask, and that everybody in Europe is falling behind Cyprus at this time.

Rosemary.

CHURCH: Sebastian Shukla in Berlin with that live report. Many thanks.

Well, tensions are brewing in the Strait of Hormuz. We will have details of what Iran warns it plans to do if U.S. and Israeli strikes keep going. The latest from Tehran just ahead.

Plus, Qatar is working to reopen flight corridors after the Middle East conflict leaves thousands of travelers stranded abroad. Back in just a moment.

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[03:40:00]

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CHURCH: Welcome back to CNN. This is your Business Breakout. I want to start with a quick check of some of the Asia-Pacific markets this hour. You can see the KOSPI added more than 5 percent, Japan's Nikkei up nearly 3 percent, all in positive territory there.

And these are the business headlines.

A dire warning from Deutsche Bank on the Iran war's impact on airlines. The financial firm carriers could be forced to ground thousands of aircraft due to the soaring price of jet fuel, it says weaker carriers could halt operations altogether. Shares of global airlines have sold off sharply since the start of the conflict; shares of cruise lines, which are also exposed to higher oil prices, have also been hit hard.

Anthropic is filing suit against the Trump administration in their ongoing fight over ethics. The company says the Pentagon violated its First Amendment rights when it placed the firm on a list of supply chain risks. The Pentagon made the move after Anthropic refused to budge in the dispute over how its technology will be used in warfare and domestic surveillance. Entertainment giant Live Nation is settling its antitrust lawsuit with

the U.S. government, a move that could lead to cheaper concert tickets. The suit accused Ticketmaster's parent company of creating a live music monopoly. A U.S. official says the agreement will give consumers more options of where to buy tickets, Live Nation also won't be forced to split from Ticketmaster.

Iran says it's awaiting the U.S. naval fleet in the Strait of Hormuz. U.S. President Trump had previously said that his administration is thinking of taking over the Strait, which is a globally vital oil and shipping lane.

[03:45:06]

CNN operates in Iran with the permission of the Iranian government, as required under the local regulations, but maintains full editorial control over what it reports. CNN's Fred Pleitgen has the latest from Tehran.

(BEGIN VIDEOTAPE)

PLEITGEN: The Iranians certainly have been listening to some of the things that President Trump has been saying about the Strait of Hormuz throughout really the course of the day and the course of the evening. And I was in touch with a senior Iranian source earlier tonight who essentially said to me that the Iranians believe that they're the ones who can, if they want to, have a chokehold on the Strait of Hormuz. Claimed that the Iranians are even drawing up plans for possible duties on ships trying to transit the Strait of Hormuz that are affiliated with what the Iranians call the enemy state, obviously meaning the United States.

So any state friendly to the United States, those ships, the Iranians say, would then have to pay duties to the Iranians. But what they also say, I want to quote from what the source told me, said, "the Strait of Hormuz is closed no matter how much noise Trump makes and threatens, the Strait will not open. We hold the screw to the global oil price in our hands, and for a long time, the U.S. will have to wait for our actions to control the price."

So obviously the Iranians are threatening to, as they put it, keep the Strait of Hormuz closed or close the Strait of Hormuz down despite those threats from President Trump. The Iranians, throughout the better part of the day, have been saying that this war, as they call it, between themselves, the U.S. and the Israelis, will end on Iran's terms and when the Iranians see fit.

(END VIDEOTAPE)

CHURCH: And the Strait of Hormuz is directly linked, of course, to the rise and fall of oil prices in recent days. CNN's Richard Quest has more on how control of the passage is affecting global oil supply.

(BEGIN VIDEOTAPE)

RICHARD QUEST, CNN ANCHOR AND BUSINESS EDITOR-AT-LARGE: What I see happening is these fears continuing because there are two, it's a pincer movement.

On the one hand, you have a complete shutdown of the supply to the State of Hormuz. Nothing's getting through. And that's just over a quarter of the world's oil supply.

So nothing's getting through on that side. And on the other side, you have the infrastructure being blown up on both sides. You've got the Israelis blowing up the Iranian oil infrastructure, you've got the Iranians blowing up the Bahrainis and threatening the other infrastructure.

So when you put all that together, there you are, you're looking at the price of the pump. There is no reason for oil to stay down, except there was a glut of it before.

The saving grace, minor though it may be, is that coming into this war, there was a glut of oil in the world, which is what was keeping it around $60 a barrel. And the other saving grace, arguably for the United States, which is a huge domestic producer of oil.

So it's going to be clobbered by overseas, but there's no real shortage at home because of the domestic supply. It won't change. The price will still go up, but at least the supply is there.

(END VIDEOTAPE)

CHURCH: The nations across the Persian Gulf are reporting fresh aerial attacks as Iran ramps up its pressure campaign on U.S. allies in the region. Drones and ballistic missiles were detected over the UAE and Qatar on Monday. Debris from an air defense interception injured two people in Abu Dhabi, and sirens sounded in Bahrain, warning people to seek shelter.

As the conflict intensifies, thousands of travelers remain stranded throughout the Middle East. Some airlines are now working to reopen limited flight routes to travel hubs in the Gulf to help passengers finally get back home.

And joining us now with the latest live from Doha, Qatar, is CNN's Bijan Hosseini. So, Bijan, what is the latest on these efforts to resume flights for some of these stranded travelers?

BIJAN HOSSEINI, CNN SR. PRODUCER: Yes, well, we're seeing more and more flights both into and out of the region in the last couple days. It's a very welcoming development.

We actually went to Doha's airport yesterday and we spoke with some of the travelers jumping on these flights. Here's what they had to say.

(BEGIN VIDEOTAPE)

HOSSEINI (voice-over): At Doha's Hamid International Airport, departure boards that sat frozen for more than a week are beginning to move again. The regional conflict forced Qatar to close its airspace after repeated missile and drone attacks. HOSSEINI: For most of these travelers, their stay here in Doha wasn't

supposed to last this long. A lot of them were just transiting through 10 days ago before finding themselves in the middle of an escalating regional crisis. But now limited flight corridors are opening and they're finally able to go home.

HOSSEINI (voice-over): Among the passengers leaving today, Derek and Madeleine. Their flight home to London couldn't come soon enough. Derek has a heart condition and his medication soon ran out.

DEREK, TRAVELER: I had no complaints that everything was fine until my tablets ran out. So we're now getting really urgent and I've already missed two appointments in England.

[03:50:04]

I'm through the delay, so I've got two serious appointments I missed, and yes, so we're hoping to go today.

HOSSEINI (voice-over): The couple say help from home has been hard to find.

MADELEINE, TRAVELER: I registered with the U.K. government and we had an email in acknowledgement and that's been it. Communication with them has been nil. Yes, not impressed.

HOSSEINI (voice-over): Madeleine says many people have tried to make the unexpected stay a bit easier. Qatar is covering hotel stays and providing food vouchers for stranded travelers.

MADELEINE: It's been lovely. The people couldn't be more helpful. They're lovely.

HOSSEINI (voice-over): Derek and Madeleine are just two of the roughly 8000 passengers who were stranded in Qatar, according to government figures.

HOSSEINI: What have the last 10 days been like?

DARIA, TRAVELER: Nervous because almost every day we got the alarms on our phones, like saying that it's dangerous and don't go out from the buildings.

HOSSEINI (voice-over): Others say disruption has put their lives and livelihoods on hold.

MOHAMMED, TRAVELER: I was trying to connect with my company, you know, like it can't work. They give me a leave of absence, one week notice, and then we're going to terminate to work, right?

So there's a lot of pressure from different points from my perspective, but I'm sure other people have the same issues as well. Yes, it's terrifying, you know, in addition to seeing all the rackets over your head.

HOSSEINI (voice-over): Officials stress these flights are operating under temporary authorization and they don't mean that normal commercial operations have resumed. The fragile reopening also comes as tensions across the region remain high. But for Derek and Madeleine, today is about one thing, finally boarding a flight home to London.

(END VIDEOTAPE)

HOSSEINI: So yesterday we saw Qatar Airways operate flights to 10 different cities. Today that number is up to 16 different destinations. So obviously some movement in the right direction, Rosemary?

CHURCH: Certainly relief for those travelers at least. Bijan Hosseini, many thanks for that report from there in Doha. I appreciate it.

Iran's national women's soccer team is facing an uncertain future after an on-field incident made them a target of the Islamic regime. We will have more on their story just ahead.

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CHURCH: Welcome back, everyone.

Well five members of Iran's women's national soccer team known as the Lionesses have been granted humanitarian visas in Australia.

[03:55:04]

Supporters had raised fears that the players may face consequences upon their return to Iran. Australian officials say they have extended further offers of assistance to the team if needed.

(BEGIN VIDEO CLIP)

TONY BURKE, AUSTRALIAN HOME AFFAIRS MINISTER: Last night, I was able to tell five members of the Iranian women's soccer team that they are welcome to stay in Australia, that they are safe here and they should feel at home here. I say to the other members of the team, the same opportunity is there. Australia has taken the Iranian women's soccer team into our hearts.

(END VIDEO CLIP)

CHURCH: CNN's Christina Macfarlane explains how a moment on the field turned these athletes into targets of the Iranian Islamic regime.

(BEGIN VIDEOTAPE)

CHRISTINA MACFARLANE, CNN ANCHOR AND CORRESPONDENT (voice-over): As Israeli and American bombs began falling on Iran, a group of women were thousands of miles away on a soccer pitch in Australia. On March 2nd, just days into the war, the Iranian women's national team had come to the Gold Coast to play in the AFC Women's Asian Cup.

But what they did next was an act of sporting bravery that has made them targets at home and icons to millions who oppose the regime watching from abroad. Their tournament had barely begun when the team made a decision to stand in silence as their national anthem played.

Back in Tehran, state T.V.'s reaction was swift.

This host calling the move a pinnacle of dishonor, saying they were traitors during wartime who must be dealt with more severely. For some of the players, the drama off the pitch became too much to contain.

SARA DIDAR, IRANIAN WOMEN'S SOCCER PLAYER (through translator): Obviously, we're all concerned and sad at what's happened to Iran and our families and our loved ones. But I really hope it's very good for our country to have good news ahead. And I hope that my country would be strongly alive.

MACFARLANE (voice-over): Three days later, something had changed. Before their second game in Australia, the players sang the anthem and saluted, prompting fears of coercion by travelling Iranian minders.

MARZIYEH JAFARI, IRANIAN HEAD COACH (through translator): We have so much concern regarding our families and the people in Iran. Nobody loves war, but here we are coming to play football professionally and we do our best to concentrate on our football and match ahead.

MACFARLANE (voice-over): Eliminated from the tournament with their team bus surrounded by supporters chanting, save our girls, focus turned to whether any of the players would look to defect. Earlier Monday, the answer came. News that five women had fled the team hotel and are now, a source says, seeking asylum under the protection of Australian police.

The story has now reached the very top, with U.S. President Donald Trump posting about the players' possible fate, congratulating the Australian Prime Minister for doing a quote "very good job."

Christina Macfarlane, CNN, London.

(END VIDEOTAPE)

CHURCH: Thanks so much for your company this hour, I'm Rosemary Church. "Early Start" with Rahel Solomon and Becky Anderson is next.

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