Iran’s military is hammering the Gulf region’s energy arteries with growing intensity, keeping oil markets under siege and Brent crude near $100 a barrel despite the world’s largest ever coordinated release of emergency crude. The strikes are systematically targeting the ships, ports, and storage facilities through which Gulf oil reaches the global market. Each day of continued conflict reduces the number of viable routes through which the region’s crude can be exported.
Iranian forces struck merchant vessels near the Strait of Hormuz, fuel tanks in Bahrain, oil tankers near Iraq’s export ports, and port facilities adjacent to Oman’s Mina Al Fahal terminal Thursday. Three crew members aboard the Thai-registered Mayuree Naree were reported trapped. Iraq suspended all crude exports and Oman cleared its main terminal of all vessels.
Brent crude rose 9% Thursday to touch $100.29 before settling at around $98. West Texas Intermediate climbed 8.6% to $94.75. Oil has risen from $60 at the year’s start to a peak of $119 this week. Iran’s military warned publicly of $200-per-barrel oil.
The IEA released 400 million barrels from reserves of 32 member nations — a record. The US contributed 172 million barrels from its Strategic Petroleum Reserve, with deliveries starting within a week over roughly four months. President Trump vowed to press ahead with military operations against Iran and said prices would come down.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel. Deutsche Bank warned of stagflation risks. Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European gas gained 7.7%.
Oil Markets Under Siege as Iran Hammers Gulf’s Energy Arteries
