Oil Surges to $100 Amid Iran Attacks on Gulf Ships

LONDON – Oil prices surged past $100 a barrel on Thursday after Iran attacked merchant ships in the Gulf and Iraqi waters. The strikes disrupted key shipping routes and oil exports, raising global supply concerns.

Explosive-laden Iranian boats hit two fuel tankers, the Marshall Islands-flagged Safesea Vishnu and Malta-flagged Zefyros. Fires engulfed the vessels, killing one crew member and rescuing 25 others.

Iraq reported that its oil ports have completely stopped operations. Oman evacuated vessels from Mina Al Fahal as a precaution, further limiting oil exports.

Analysts warn that these attacks could constrain global supply. Tony Sycamore of IG said the strikes appear linked to the IEA’s strategic reserve release.

Read more : UN Security Council Calls on Iran to Stop Attacks on Gulf States

The attacks drove Brent crude up 9% to $100.22 a barrel. U.S. crude rose 9% to $95.41 a barrel, hitting fresh highs.

Global markets reacted sharply. MSCI’s Asia-Pacific index fell 1.6%, Japan’s Nikkei dropped 1.5%, and European and U.S. futures declined about 1%. Bond yields rose amid inflation concerns.

In response, the IEA announced a historic release of 400 million barrels from strategic reserves. Despite the release, Iran warned oil could reach $200 a barrel.