Evidence is mounting that Iran is deliberately targeting the region’s energy infrastructure as part of a calculated strategy to raise global oil prices and inflict economic pressure on the United States and its allies. Brent crude climbed back toward $100 a barrel Thursday as strikes on merchant ships, fuel tanks, and export terminals spread across the Gulf. Emergency measures by global powers did little to ease market fears.
Three crew members aboard the Thai-registered Mayuree Naree were reported trapped after their vessel was struck near the Strait of Hormuz. Iraq suspended crude exports from all its ports following attacks on nearby tankers. Bahrain told residents of the Muharraq Governorate to stay at home as fuel storage facilities burned.
Oman evacuated all vessels from Mina Al Fahal, one of the region’s last functioning crude export terminals, after drones struck a nearby port. The Strait of Hormuz itself has been closed since fighting began on February 28. Saudi Aramco has repeatedly warned of catastrophic market consequences if the strait remains blocked and export alternatives are eliminated.
The IEA deployed 400 million barrels of emergency crude from its 32 members, the largest release in the agency’s history, and the US announced a contribution of 172 million barrels from its own strategic stockpile. Despite these efforts, Brent settled around $98, up about 6% on the day. Iran’s military publicly taunted Western governments, warning that oil could reach $200 per barrel.
Goldman Sachs raised its Brent forecast for Q4 2026 to $71 a barrel. Deutsche Bank’s Jim Reid noted that investors are increasingly pricing in a protracted conflict with serious economic consequences. Japan’s Nikkei dropped 1.6% and South Korea’s Kospi fell 1.2% as the conflict continued to weigh on global sentiment.