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Trump Claims We Won in Iran, But Need to Finish the Job; Iran's Gulf Neighbors Report New Wave of Attacks; Oil Tops $100 a Barrel Overnight Despite Deal to Release 400 Million Barrels. Aired 7-7:30a ET

Aired March 12, 2026 - 07:00   ET

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

[07:00:00]

JOHN BERMAN, CNN ANCHOR: The breaking news this morning, tankers ablaze in the Persian Gulf. Iraq now suspends all oil terminal operations. Oil prices hit $100 a barrel at one point overnight. The war on Iran now causing what a new report calls the largest supply disruption in the history of the global oil market.

KATE BOLDUAN, CNN ANCHOR: And severe storms slammed more parts of the United States overnight, tens of thousands without power. We have the very latest forecast.

SARA SIDNER, CNN ANCHOR: And an epic snatch and tackle in Kansas City's river market, a would-be thief learning what happens when you target the car of a former defensive tackle.

I'm Sarah Sidner with Kate Bolduan and John Berman. This is CNN News Central.

BERMAN: And the breaking news, your gas is more expensive this morning from what the International Energy Agency just called the largest supply disruption in the history of the global oil market, tankers and fuel depots on fire in the Middle East. We've got new images coming in after Iran struck two oil tankers in the waters off of Iraq, killing at least one crew member there. You can see one of those tankers just teetering there. At least four other ships have been attacked in the Persian Gulf in just the last two days. Fuel depots in Bahrain and Oman in flames, that was overnight, as Iran is stepping up attacks on U.S. allies in the region.

The Strait of Hormuz now effectively shut down. About 20 percent of the world's oil normally passes through that stretch of water. Oil prices at this moment, they're a little bit above $90 a barrel. They had passed $100 at one point overnight, and this is all despite the Trump administration announcing it will release 172 million barrels of oil from the strategic petroleum reserve. That's part of the International Energy Agency agreeing to release a record 400 million barrels. That's a worldwide effort. The U.S. is part of it.

Now, President Trump is giving more mixed messages about how long this war will last in the span of just minutes. During one speech in Kentucky, he both declared victory and said there is still more to do. (BEGIN VIDEO CLIP)

DONALD TRUMP, U.S. PRESIDENT: We've won. Let me say, we've won. You know, you never like to say too early you won. We won. We won bet. In the first hour, it was over. We don't want to leave early, do we? Huh? We got to finish the job, right?

(END VIDEO CLIP)

BERMAN: All right. Let's get straight to CNN's Paula Hancocks in Abu Dhabi, right on the Persian Gulf, which is really the epicenter now of this military and economic conflict. Good morning, Paula.

PAULA HANCOCKS, CNN CORRESPONDENT: Good morning, John. Well, we are seeing Iran being very clear in what its number one target is at this point. The energy infrastructure across the Persian Gulf is being targeted once again. Two tankers in Iraqi waters have been hit. We have been seeing some dramatic images overnight and into Thursday morning of those burning, trying to be brought under control.

We also know that in Oman, which remember was the mediator between the U.S. and Iran before this war started, they have had a fuel depot targeted. We've heard from officials there that it will take some time to bring that under control. We are hearing from Iranian state media that it is highly suspicious. They said that this has been targeting, saying that they see Oman as a peacemaker and they are investigating.

In Bahrain, we're seeing a fuel depot that is just about to be brought under control that fire, as that was targeted as well. Saudi Arabia, there were some 20 drones intercepted in the early hours of Thursday that were heading towards the eastern province there, which is really the key area for all those oil fields of Saudi Arabia are.

And this has just been continuing across the region. Dubai, for example, just in the past 12 hours or so, has had debris from two drones that were shot down hitting buildings in the city center there.

[07:05:02]

They say there's damage -- slight damage to the building's, no casualties at this point. And we also know that Kuwait has had its international airport targeted by several drones, according to authorities there. Now, that airspace is shut, so there were no injuries, because there would've been very few people within that airport.

But what we are seeing is just this continuation, if not an uptick in the retaliation by Iran focusing very much on the Gulf nations, focusing on what they say is U.S. military political assets and American tech companies. But, quite frankly, what we are seeing more of, John, is the fact that they are going for the indigenous energy infrastructure across the Persian Gulf.

BERMAN: That was a remarkable list you just had there, Paula. One energy infrastructure target after another, and that's just overnight, shows you where this conflict is this morning. Paul Hancocks in Abu Dhabi, thank you very much.

BOLDUAN: All signs of things seeming to suggest ramping up, not a war ending right now, J.B., that's for sure.

And the mixed messaging that's been coming from the president around the goals of the war, the timeline of this operation and war now presenting some new problems for him, saying at different times, just yesterday, the president, that he has already won the war in the first hour, it was over, he said, but also saying that he doesn't want to leave early, quote, we've got to finish the job, right?

Sources tell CNN that Trump allies are now pushing the administration to offer a clearer picture of the goals of the war and the metrics for its success.

CNN's Alayna Treene from the White House for us. And, Alayna, this is something you're reporting. Tell us more about what you're learning the conversations are now behind the scenes.

ALAYNA TREENE, CNN WHITE HOUSE CORRESPONDENT: Yes. Look, from my conversations with White House officials and, you know, Trump administration officials and as well as those outside the administration, I mean, those are all the kind of people that are in the president's ear, Kate, kind of urging him to articulate more clearly the stated objectives of this war, but also the timeline of this. Because one of the key things that I think many people who are wary, a lot of Republicans, I should note, who are wary of the midterms and how this war could impact that, it really comes down to this idea of a timeline and the sense that they recognize that Americans do not want a long, entrenched U.S. military conflict in the Middle East.

And so, really, what I'm being told that people are telling the president, and again, it's not just people inside the White House, there are a lot of allies who are calling it up, telling him this as well which is essentially to be very clear about how successful the military operations have been so far, but also make clear that you want this to be a decisive and quick type of operation. And so that's really been where I think a lot of the mixed messaging has come from, even more so than on the objectives. It's more so on the timeline here.

And one thing I can say as well is that I know that the Trump administration has been telling a lot of the top officials who have been out there every day messaging on this, that one of the key things they want them to be saying is that this is not 2003. Because I know that the president and many of his top advisers have been looking at the same polling, Kate, that we have, which shows a lot of Americans are not necessarily excited about what the United States military is doing with Iran. They're worried about what this means, you know, for a longer term conflict, but also for oil prices and the economy.

And so they recognize the need to make sure that this is not, you know, what happened back in the early 2000s when the United States went into Iraq and Afghanistan. And so that's a big part of what all of this is. And I'm also told they also are having trouble with the timeline because they don't want to box themselves in and give a definitive, clear date or type of metric for when they're going to get out.

So, that's really, I think, one of the key things that this administration is struggling with right now when it comes to the messaging.

BOLDUAN: Yes, I mean, and that's exactly right because it's not just the United States who has a say in the flow -- the ebb and flow of this conflict now, as we've seen overnight, and what Iran is now pulling off and targeting oil and fuel infrastructure throughout the region.

It's great to see you, Alayna, thank you so much for your reporting. Sara?

SIDNER: Yes, the war messaging isn't clear, but this is clear, gas prices rising across the country for the 12th straight day. When Americans could start seeing relief or will it get worse? New reporting that gas prices are just the beginning.

And, quote, my dear spectacular and special friend, Jeffrey, I'm so proud of you. The message from former Duchess of York Sarah Ferguson to Jeffrey Epstein just revealed.

And incredible video as a man threatening people with an ax is taken down by two employees.

Those stories and more ahead.

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BERMAN: All right. New this morning, overnight, oil prices rose above $100 per barrel again. That's despite 32 countries, including the U.S. agreeing to release a record amount of oil from their strategic petroleum reserves. Right now, you can see, I'm actually standing in front of it, oil prices around $91 a barrel. That's still a big jump overnight, though down from their highs.

Obviously, this all has to do with security concerns around the Strait of Hormuz. That is the world's most important oil choke point, a shipping lane, we've talked, about at a two-mile shipping lane. About 20 percent of the oil in the world passes through it normal times.

Now, you're looking at -- well, you just looked at right there, these three islands that are also part of the concern right now that sit right at the entrance of the strait.

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These free islands are Abu Musa and the Greater and Lesser Tunb Islands, and they've long been the center of this running dispute between Iran and the United Arab Emirates. Iran has controlled the island since 1971. The UAE still claims sovereignty.

Military forces can monitor ships. If you control those islands, which Iran does, you can monitor ships passing through the straits and it gives whoever controls it, Iran right now, an enormous amount of leverage. Sara?

SIDNER: All right. Thank you so much, John.

This morning, the International Energy Agency says the Iran war is creating the, quote, largest supply disruption in the market -- in the history, sorry, of the global oil market and is warning it will get even worse if the strait remains shuttered.

CNN Business Executive Editor David Goldman is here with us now. You wrote that the IA -- IEA, I almost said IAEA because we're so used to saying that -- the IEA releasing 400 million barrels of oil is like smashing the break in case of emergency glass. But what will it mean? Is that enough to sort of make things easier for people in businesses, or is it just a drop in the bucket, so to speak?

DAVID GOLDMAN, CNN BUSINESS EXECUTIVE EDITOR: Well, it's clearly not having an impact right now. I mean, what John was just saying is so key. The only thing that the oil market cares about is getting the Strait of Hormuz back open.

This was an extraordinary release of the strategic petroleum reserve and it didn't have an impact at all on oil prices. The fact that we went back above $100 last night is kind of tells you everything you need to know. It's just not going to help unless we get that strait back open.

SIDNER: I'm curious how long -- if this goes on for a few more weeks or months, how long before there's a breaking point, where it's very hard to go back, it takes a long time for supply chains to recover, as we saw when it came to COVID?

GOLDMAN: Yes. Duration is key here, because the longer this goes on, the more pain for you and me. It's not just that we are filling our tanks at $3.60 today. That could go to $4. But truckers are filling their trucks with diesel, which is closing in on $5. And all the stuff that's on those trucks is going to be more expensive for you and me.

The businesses that are loading stuff onto trucks, that costs more money for them, and they're paying all these tariff costs. You think that they're going to eat the cost of the fuel surcharges. I don't think so. Those are costs that you and I are going to pay too.

SIDNER: Ultimately, how high do you think this is going? We're now -- when it hits above $100 a barrel, we all feel it. Where do you see this going if this continues to be blocked?

GOLDMAN: Well, there is other oil in the world. I mean, we're a huge producer of oil in the United States, the largest in the world, actually. And so there's a point at which, you know, you can't make oil more expensive and people will continue to pay for it. Everyone seems to think that $150 of barrel is the peak for this if the strait is just permanently closed. So, you know, that's $5 gas, that's maybe $5.50 gas.

So, you know, you have to wonder how much longer this is going to go and if we're going to get to that point, but that's about how high this could go.

SIDNER: Yes. If the average is $5 or $5.50, in California, that means $7, $8. And we're starting to see some of those numbers creep up there in places like Los Angeles.

Thank you so much, David, really insightful, a lot of people worrying about this very particular issue that affects literally everybody in the world.

GOLDMAN: Absolutely, absolutely. Happy to help.

SIDNER: I appreciate it. Kate?

BOLDUAN: We also have new details coming in about the deadly strike that killed 168 children reportedly at an Iranian school. Sources now say the U.S. was likely behind the attack due to outdated intelligence.

And team USA can exhale, at least for now. They advance in the World Baseball Classic despite their shocking loss to Italy.

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BERMAN: So, the United States, after an Aaron Judge strikeout, very nearly blew it in the World Baseball Classic, but chances saved thanks to a surging Italy.

Let's get right to CNN's Andy Scholes for the Italian save here.

ANDY SCHOLES, CNN SPORTS ANCHOR: Yes, John. You know, maybe visit your favorite Italian restaurant today. Get some chicken parm as a thank you to Team Italy for getting Team USA to the knockout stages of the World Baseball Classic because the U.S. would have been out had Mexico beat Italy in a low-scoring game last night.

But Vinnie Pasquantino made sure that did not happen. The Royals first baseman homer in the second inning right here. Vinnie would actually hit three home runs in this game. And in case you weren't aware, the Italians have an espresso machine in the dugout and they rip an espresso shot to celebrate home runs, clearly working.

And Aaron Nola was on the mound for Italy. He pitched five shutout innings. Italy beat Mexico 9-1. They win the pool to advance. And here is Vinnie after the win and three espresso shots.

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VINNIE PASQUANTINO, TEAM ITALY FIRST BASEMAN: I'm caffeinated. I'm beamed up right now. So, you're welcome, USA. We were thinking of you guys over at your hotel. We were thinking of you guys, so I'm glad you guys could join us in the party.

(END VIDEO CLIP)

SCHOLES: All right. So, Italy will face Puerto Rico Saturday in the quarterfinals.

And after all those gold medal hockey games, we're going to get another USA versus Canada matchup. Their quarterfinal game's going to be Friday night in Houston.

All right, Caitlin Clark, Paige Bueckers and Angel Reese, meanwhile, making their team USA debut last night as they took on Senegal in a FIBA World Cup qualifier, Clark and Bueckers coming off the bench. And this one in the third, Clark finding Reese down low for the bucket. Clark finished 17 points, 12 assists in just 19 minutes. U.S. beat Senegal 110 to 64. They're going to play Puerto Rico tonight at eight Eastern on TruTV and HBO MAX.

And will we see Clark and the rest of the WNBA stars tip off their season on time? So, the league and the Players Association did not reach a deal by that March 10th deadline that the WNBA had put in place to get something done, but the talks appear to be moving in the right direction, the two sides meeting once again yesterday.

[07:25:03]

WNBAPA President Nneka Ogwumike said they are feeling movement in the negotiations. And Commissioner Cathy Engelbert said, quote, earlier this morning, our proposal on the table is a really historic and transformational deal for these players. We'll continue to work really hard and we got to get a deal done.

So, John, WNBA season tips off May 8th as of now. Here's hoping that these negotiations continue to go well and none of the season ends up getting impacted.

BERMAN: Yes. Really, these have been the best of times for the WNBA. So, it would be awful not to have them playing at the beginning of this season. These players have worked so hard for that.

Andy Scholes, great to see you. Thank you very much.

SIDNER: Have you ever seen my I'm going to dunk on you thing?

BERMAN: Every day you dunk on me, so, every day.

SIDNER: Maybe we should go to a Liberty game together, bring it all together and kumbaya, yes?

BERMAN: Totally.

SIDNER: Okay, good. All right, thank, you John Berman. All right, ahead, tankers and fuel depots in the Middle East on fire causing more oil price whiplash. What does this mean for gas prices here at home? We ask the energy secretary about it ahead.

And incredible video, a wheelchair-bound man rescued after a dock ramp collapses underneath him. How he's doing this morning.

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