Iran’s military crossed a new threshold Thursday, openly taunting the United States while simultaneously striking the energy sites and shipping lanes that underpin global trade. A spokesperson warned of $200-per-barrel oil, while Iranian forces attacked merchant ships, oil ports, fuel tanks, and export terminals across the Gulf region. Brent crude responded by climbing back toward $100, underlining how directly Tehran’s military campaign is shaping global economic conditions.
Iranian forces struck the Thai-registered Mayuree Naree near the Strait of Hormuz, leaving three crew members believed trapped. Iraq halted all crude exports following attacks on nearby tankers. Bahrain placed residents in the Muharraq Governorate under shelter-in-place orders after fuel tanks were hit. Oman cleared its Mina Al Fahal terminal following drone attacks on a neighboring port.
Brent crude gained 9% Thursday to touch $100.29 before settling at around $98. West Texas Intermediate rose 8.6% to $94.75. Oil began 2026 at around $60 and hit $119 at this week’s peak. The Strait of Hormuz has been closed since February 28, blocking about 20% of global seaborne oil and gas.
The IEA released 400 million barrels of emergency crude from reserves of 32 member nations — the largest such release ever. The US contributed 172 million barrels from its Strategic Petroleum Reserve, beginning deliveries within a week over roughly four months. President Trump pledged to “finish the job” in Iran and said the reserve release would substantially reduce oil prices.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel. Deutsche Bank warned of a stagflationary shock. Asian stock markets fell and European gas prices climbed 7.7%.
