Oil Tops $100 as Iran Strikes Gulf Energy Targets, Shipping Routes

Global oil prices surged past $100 per barrel on Thursday after Iran launched new attacks on energy infrastructure and shipping routes across the Gulf.

The escalation came hours after two oil tankers were struck near Iraq, killing at least one crew member and intensifying fears of wider disruptions to global energy supplies.

The attacks are part of a widening war involving United States, Israel, and Iran.

Tehran warned that it could sustain a prolonged conflict capable of crippling the global economy.

Donald Trump, the US president, said Iran was close to defeat but indicated the fighting might continue.

“Doesn’t mean we’re going to end it immediately, but they are,” he said.

Regional attacks intensify

In Bahrain, authorities advised residents to stay indoors following an Iranian strike on fuel storage tanks.

Saudi Arabia reported intercepting drones targeting the Shaybah oil field and the diplomatic district.

Meanwhile, fuel tanks at Salalah Port in Oman were hit by drones, forcing operations at the port to halt.

Shipping through the strategic Strait of Hormuz was also targeted. A container vessel near the United Arab Emirates was struck by an “unknown projectile,” causing a fire onboard but leaving the crew unharmed.

In the previous incident near Iraq, authorities said 38 crew members were rescued after two tankers were sabotaged, though some sailors remain unaccounted for.

Strategic oil route disrupted

The Strait of Hormuz, one of the world’s most critical oil routes, carries about 20 percent of global crude supply.

Iran has threatened to halt all oil exports through the Gulf while US and Israeli attacks continue.

Within a single day, at least four vessel-related incidents were reported, including a Thai cargo ship hit by projectiles.

Shipping company Precious Shipping said three crew members were missing and believed trapped in the engine room.

Global oil market shaken

The escalation drove oil prices above $100 per barrel, despite efforts by the International Energy Agency to stabilise the market.

The agency authorised the release of 400 million barrels of oil from strategic reserves — the largest such action in its history — including 172 million barrels from the United States.

Still, analysts say fears of a prolonged war could keep oil prices elevated.

Lebanon conflict worsens

The conflict has also intensified in Lebanon, where Israeli operations against Hezbollah have caused widespread devastation.

Authorities say over 630 people have been killed and more than 800,000 displaced.

In Beirut, residents described panic during recent strikes.

“I ran from room to room, pulled my wife and daughter out of the rooms and hid them behind a wall, then the second strike hit,” said bakery owner Fawzi Asmar.

Iran says more than 1,200 people have been killed in the war, while Israeli authorities report 14 deaths and Gulf attacks have killed 24 people, including civilians and US troops.

The conflict has already cost the United States over $11.3 billion, according to figures presented to lawmakers during a Pentagon briefing, as reported by The New York Times.

Africans Angle News