Iran’s military campaign against Gulf energy infrastructure is systematic and escalating, with strikes now covering the full spectrum of oil supply chains — from crude tankers at sea to fuel storage tanks on land. Brent crude climbed back toward $100 a barrel Thursday as the breadth of the attacks made clear that no element of the region’s energy system is off-limits. Global markets reacted with continuing alarm to the depth of the disruption.
Iranian forces struck oil tankers near Iraq’s export ports, fuel storage tanks in Bahrain’s Muharraq Governorate, merchant ships near the Strait of Hormuz, and port facilities adjacent to Oman’s Mina Al Fahal terminal. Three crew members aboard the Thai-registered Mayuree Naree were reported trapped. Iraq suspended all crude exports and Oman cleared its main terminal of vessels.
Brent crude gained 9% Thursday to touch $100.29 before settling at $98. West Texas Intermediate rose 8.6% to $94.75. Oil has climbed from $60 at the year’s start to a peak of $119 this week. The Strait of Hormuz has been effectively closed since February 28. Saudi Aramco warned of catastrophic market consequences if disruptions continue.
The IEA released 400 million barrels of emergency crude from 32 member nations, and the US pledged 172 million barrels from its Strategic Petroleum Reserve. Iran’s military responded by warning of $200 oil. President Trump pledged to continue the military campaign and said prices would come down.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel from $66. Deutsche Bank flagged stagflation risks. Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European gas prices rose 7.7%.