Return to Transcripts main page

CNN This Morning

Iran Attacks Oil Tankers in Strait of Hormuz; IEA to Release Record Oil Stockpile; Trump on War with Iran: 'We've Won'. Aired 6- 6:30a ET

Aired March 12, 2026 - 06:00   ET

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

(COMMERCIAL BREAK)

AUDIE CORNISH, CNN ANCHOR: Right now, in the Middle East, you're looking at oil tankers up in flames as Iran launches new attacks on energy supplies.

[06:00:51]

Good morning, everybody. Want to welcome you to the show. I'm Audie Cornish, and we are following several new developments overseas and here in the U.S.

So, we begin with Iran. They hit two foreign oil tankers just a few hours ago, and the ships were in Iraqi waters. At least three others were hit near the Strait of Hormuz.

So, the G-7 is now talking about escorting ships, quote, "when security conditions allow."

And overnight, oil prices jumped past $100 a barrel again, this even after the International Energy Agency ordered the largest ever release of emergency oil.

President Trump also said he would tap U.S. reserves.

And a U.S. strike likely hit that elementary school in Iran. It killed at least 168 children. Two sources briefed on the military's investigation so far say it was an accident due to outdated intelligence.

Now, amid all of this, President Trump took to the stage in Ohio last night, and he talked like the war is already over.

(BEGIN VIDEO CLIP)

DONALD TRUMP, U.S. PRESIDENT: We've won. Let me tell you, we've won. You know, you never like to say too early you won. We won. We won the best -- in the first hour, it was over, but we won.

(END VIDEO CLIP)

CORNISH: So, we have live team coverage across the Middle East. We're going to start in Tel Aviv and get the latest from CNN's Oren Liebermann.

Thanks so much, Oren, for talking with us this morning. I actually want to talk specifically about those attacks on oil tankers. What are you learning?

OREN LIEBERMANN, CNN JERUSALEM BUREAU CHIEF: Well, from the latest we know from where we are here in Tel Aviv, a suspected Iranian attack was carried out against two foreign oil tankers in Iraqi waters.

That's not the only attack we've seen on vessels or on the infrastructure for oil and fuel throughout the region. In fact, there were images of -- of huge fires at a Bahrain -- Bahrainian fuel facility after a suspected Iranian attack there, firefighters forced to try to put out that inferno.

But it is the attack on shipping that is perhaps the most critical. According to the U.K. Maritime Agency, there have been at least six attacks on vessels in and around the Strait of Hormuz in the last two days, and this is what's sending fuel prices skyrocketing.

And the worst is yet to come, given what we are seeing and the effectiveness that Iran has had carrying out strikes on fuel facilities and fuel tankers throughout the region.

This is also what has effectively closed the critical waterway of the Strait of Hormuz, even though Iran's military and the Islamic Revolutionary Guard Corps are not able to close it fully militarily. It is the threat of Iranian actions through drone and missile strikes that has effectively closed that critical waterway.

And just the latest sort of impact of that, or rather the latest iteration of that is the strike on those two fuel tankers in Iraqi waters.

This is Iran lashing out around the region, and it has impacts that are felt not only not only in the Gulf, but worldwide because of the impact on oil prices.

And if Iran is going to lash out and carry out strikes on more fuel facilities and fuel tankers, you will see the -- the price of oil around the world, the price of fuel continue to rise.

CORNISH: Yes.

LIEBERMANN: And this is exactly what Iran is looking for when it carries out asymmetrical warfare. Audie, it can't match, force for force, the Americans or even, frankly, the Israelis, what it can do is have its -- its effects felt across the world.

CORNISH: OK. That's Oren Liebermann out of Tel Aviv.

I want to talk about this oil issue. There's been this historic decision by the International Energy Agency. It's called the IEA. It's made up of more than 30 countries, and they've agreed to release 400 million barrels of oil into the global market.

So, the U.S. will release more than 170 million barrels starting next week. And this fuel crisis hitting nations around the world.

This is video from Bangladesh, showing the long lines at gas stations where fuel is now rationed. And here in the U.S., gas prices have moved upward for the 11th day in a row.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: I just want to know where all the gas from Venezuela at? I paid $4.87 at the gas station.

UNIDENTIFIED MALE: I came to get gas, and the pump is looking at me like a bank loan officer, asking questions like, sir, are you ready for this financial decisions?

UNIDENTIFIED MALE: Eight dollars, $8.21. You might as well get your horse.

(END VIDEO CLIP)

CORNISH: Bringing in CNN anchor and correspondent Eleni Giokos in Abu Dhabi. I know it doesn't sound very serious as people are accepting the reality of the cost, but we just heard about the security situation, right?

ELENI GIOKOS, CNN ANCHOR AND CORRESPONDENT: Yes.

CORNISH: Or lack thereof. Will this release a 400 million barrels of reserves, do anything to address what is clearly becoming a problem?

GIOKOS: Yes it clearly is. And I mean, we're seeing so many of these videos of personal experiences, because whatever happens here in the Middle East, whatever happens to global energy prices is felt far and wide. It's going to touch absolutely everyone.

And already the International Energy Agency that announced that 400- million-barrel release of oil has also put out an important report today. And what I'm going to say is going to be pretty scary.

They say that this is the largest supply shock to hit the oil markets in the history of oil. That is an absolutely scary thought, because we've never seen this type of supply disruption.

So, we're talking about 20 million barrels of oil per day that is taken out of the market because of the Strait of Hormuz. They're pumping in 400 million barrels of oil, which is only going to be released, on a daily basis, around 2 million barrels of oil.

There are major deficiencies there. You don't need to be a mathematician to do the numbers. But the IEA is saying that there's a supply constraint of around 8 million barrels of oil every single day.

So, doing the maths, doing the numbers, we're hearing that oil is going to definitely stick above that $100 a barrel.

But what's interesting is that Iran has a target to inflict pain. I want you to hear what the spokesperson for the military had to say.

(BEGI VIDEO CLIP)

EBRAHIM ZOLFAQARI, SPOKESPERSON, KHATAM AL-ANBIYA CENTRAL HEADQUARTERS (through translator): You will not be able to keep oil and energy prices artificially low through economic life support. As we have already warned, if the war spreads across the region expect oil to reach $200 per barrel. Oil prices follow the level of security in the region. The source of that insecurity is you.

(END VIDEO CLIP)

GIOKOS: I think we should take that as a warning in terms of the havoc that they plan to wreak in the Strait of Hormuz, and we've seen this playing out just today with oil depots in Oman, in Bahrain and those tankers on fire, as well.

CORNISH: OK. Eleni Giokos, thank you so much for this context. This is going to be helpful as we turn more to the coverage today.

President Trump says that we've already won the war with Iran. Now he's posing the question, so when do we stop?

Plus, California on high alert after a warning about Iranian drones. But after the gutting of the FBI counterintelligence team, is the U.S. prepared?

And we are learning what this war is costing taxpayers.

(COMMERCIAL BREAK)

[06:12:52]

CORNISH: OK, back home, President Trump is now trying to sell the public on the war with Iran in a new way. He's telling supporters it's basically won.

(BEGIN VIDEO CLIP)

TRUMP: We've won. Let me tell you we've won. You know you never like to say too early you won. We won. We won the bet -- in the first hour, it was over. But we won.

Most people say it's already been won. It's just a question of when. When do we stop? We don't want to let it regrow, and ideally would like to see somebody in there that knows what they're doing. In other words, they can build a country.

(END VIDEO CLIP)

CORNISH: OK, so the president's victory lap comes as Iran steps up attacks on trade routes throughout the region. And this is putting the global economy at risk.

Now, some of the president's allies on Capitol Hill are hoping for a quick conclusion on the war. (BEGIN VIDEO CLIP)

SEN. JOSH HAWLEY (R-MO): I would hope for a swift end to this. I think that we've achieved our military objectives as the president has laid them out, as I understand them. Ultimately, this is the president's choice.

(END VIDEO CLIP)

CORNISH: Joining me now in the group chat, Betsy Klein, CNN senior White House reporter; Mike Dubke, former Trump White House communications director; and V. Spehr, digital journalist and creator of Under the Desk News.

So, I want to start with the messaging out of the White House. I hear a lot, certainly from, like, Karoline Leavitt, online, people saying the left-wing media is not -- is making it seem like we have muddied objectives, blah, blah, blah, blah blah.

And then I go on to the manosphere or whatever and hear Joe Rogan say this is a betrayal and what are we doing?

So, how are they reconciling the divisions within their own party?

BETSY KLEIN, CNN WHITE HOUSE CORRESPONDENT: And that's -- that's a very real concern for them. I mean, Karoline Leavitt is telling, as you said, the media is lying and pushing this fake narrative that there's mixed messaging.

But the reality is the messaging has been mixed. President Trump says it's a war. He also calls it a short-term excursion. And from our CNN reporting, we know that both his internal advisers and outside allies are in his ear urging him to clearly communicate what are his objectives, what are his goals, what is the timeline, what's happening with gas prices, and what are his plans to end this?

[06:15:00]

CORNISH: That is a long list, OK? And I don't even think you're all the way done.

I actually had to go back and look at the president's initial statement when he came out and said, we have gone to war.

And of course, you know, regime change is there. Definitely talking about people rising up. I think they're sort of redefining this now around the military operation. When Americans are asking a larger question. I don't know how you're feeling about it you guys.

MIKE DUBKE, FORMER TRUMP WHITE HOUSE COMMUNICATIONS DIRECTOR: OK, on the military question, look it is -- it is a bit of mixed messaging. We've won, but we need to finish the job. I mean, which -- which one is it?

I still remember back to 2003 with the big "Mission Accomplished" banner that really haunted the Bush presidency for the rest of that term and then the next term.

So, I -- I am with the other Republicans who are saying, we really need to clarify this message.

I will say this, though. I don't think we need a time frame, because I do agree with the secretary and the president when they say, you know, we can't -- we don't want our enemies to know what we are doing. But --

CORNISH: I think people agree with you. When we look at the polling --

DUBKE: Yes.

CORNISH: There's a lot of people saying they don't believe this is going to be done in days --

V. SPEHR, DIGITAL JOURNALIST, UNDER THE DESK NEWS: There's no way.

CORNISH: -- weeks, months. Look at this. There -- you know, a quarter of people saying it's going to be longer than that. So, they're not buying this excursion. This is not us, right? This is registered voters.

And each day it goes longer, isn't that something you have to explain?

DUBKE: Yes, yes, you have to explain. But what would be wonderful is not just an explanation of why we're continuing the conflict, but what were the end game is what is the off ramp here for the United States, for Israel, for the United States?

Because at the end of the day, and I hate to bring politics back into this, but we can't forget we have midterm elections in November. The one thing that was keeping inflation in check was low gas prices.

CORNISH: Right. And just --

DUBKE: We are playing with fire with the gas prices.

CORNISH: You are. And the Iranians, of course, are taunting the U.S. We heard that clip of tape earlier. Want to show you online.

The speaker of parliament from Iran just, frankly, speaking in similar terms to the way the Trump administration does in terms of making a joke, right, in a very serious situation. In the end, what are you seeing about how the explanations are playing out versus how people are receiving them?

SPEHR: There are two things that are happening, like in the digital spaces.

One is Trump coming out and saying we won, we won, while Karoline Leavitt is saying a draft isn't off the table. Is the draft on the table?

And then we're seeing people react sort of the way that you do when you feel completely overwhelmed, which is through memes and the -- the song "In the Navy" trending. What am I going to do on a submarine? I don't know.

CORNISH: I was surprised at the amount of people worried about this. And I said the same thing. It reflects a broader concern about the scale of what the U.S. and Israel have entered into.

It also, it puts a point on the fact that the American public does not see a clear future.

This was the guy who ran on being the president of peace. This was the no wars guy. People were voting for him because he was going to release the Epstein file. So many promises.

And now we're in a situation where people feel politically homeless. They feel rudderless as a country. What are our goals? What does the future for young people look like? Is it military service, because we can't get into universities, because the cost of goods are so high?

So, I think as people are sort of feeling adrift.

CORNISH: Like, overall anxiety --

SPEHR: Overall anxiety.

CORNISH: -- is what you're saying.

SPEHR: Some people are, you know, trying to make memes to get through it. And other people are genuinely concerned.

CORNISH: I want to play one more thing. This is Pete Hegseth, the defense secretary, on Tuesday, talking about who decides when this war is going to end.

(BEGIN VIDEO CLIP)

PETE HEGSETH, U.S. SECRETARY OF DEFENSE: We will finish this on America-first conditions of President Trump's choosing; nobody else's, as it should be.

(END VIDEO CLIP)

CORNISH: I play this because this isn't a scenario where one will be able to say, this other president started this, this other -- this other administration. This is his, top to bottom. And do they see it that way?

KLEIN: Yes. They say that only President Trump. The president says this. His advisors say this. Only President Trump can say when this is over. They say trust the process.

But to your point, Mike, like midterms are just a couple of months away. And that's cold comfort.

CORNISH: Yes. And we don't mean to be -- it's not just the politics. We're hearing about these injuries in Kuwait. People are raising questions about that attack on the school, which we are going to talk about later. So, there's -- everyone is raising questions every time they hear

something that they feel like, is the administration being straight with us?

All right. You guys stay with us. We've got a lot of people coming on who will help us make sense of this moment. OK?

So, our coverage is going to continue on the war. The U.S. military loading up in plain sight, sending a message to Iran that some of its most powerful weapons are still to come.

Plus, early findings from the U.S. investigation into that attack on an elementary school in Iran.

(COMMERCIAL BREAK)

CORNISH: It is now 23 minutes past the hour. Here are five things to know to get your day going.

The U.S. may soon be dropping bunker buster bombs on Iran. This is video from an air base in the U.K., showing Air Force crews loading these heavy bombs onto long-range B-1 bombers.

Now, these weapons have the ability to penetrate deep underground targets like missiles or drone storage facilities.

And at least $11 billion. That's how much the war with Iran cost the U.S. in the first six days alone. That's according to a Pentagon estimate to Congress.

Now, the daily cost, about 1.5 billion per day, and this conflict is now in its 12th day.

And the FBI joining in the search for retired U.S. Air Force major general and former UFO expert William Neil McCasland. He's been missing for nearly two weeks.

He was last seen leaving his home in Albuquerque, New Mexico.

Federal officials say he has held some of the most sensitive positions in the U.S. military. Investigators say he also has a medical issue, and that's making this search all the more urgent.

And a change in course at the CDC. The Vaccine Advisory Committee say they're not going to stop recommending the mRNA-based COVID-19 vaccines after all.

People familiar with the decision tell CNN the change is only shelved for the time being, but it could be revived.

There's increasing concern among Republicans that any further attacks on vaccines could actually harm them in the midterms. Polling show that Americans are largely supportive of vaccines.

And check out these images out of North Korea, Kim Jong-un and his teenage daughter doing some target practice. The two were testing the guns at a munitions factory.

State media saying it's part of the country's shift to modernize after years of focusing on nuclear weapons.

And our breaking news continues. Next on CNN THIS MORNING, California's governor, Gavin Newsom, speaking out after a warning about Iranian drones. What does a new FBI memo really reveal?

Plus, targeting oil. Iran making good on their threat to take out ships near the Strait of Hormuz.

(COMMERCIAL BREAK)