Global oil prices surged on Thursday as escalating tensions in the Gulf raised fears of major supply disruptions.
The international benchmark Brent Crude jumped about 9 percent to $100.22 per barrel, crossing the $100 mark, while West Texas Intermediate climbed 9 percent to $95.41 per barrel.
The rally followed reports of attacks on fuel tankers and the shutdown of key oil export facilities in the region. According to Iraqi security officials, two fuel tankers in Iraqi waters were struck by explosive-laden boats believed to be linked to Iran.
At the same time, Iraq’s oil ports reportedly halted operations, while Oman evacuated vessels from its Mina Al Fahal oil export terminal as a precaution. Analysts also reported several Iraqi crude tankers burning in the Persian Gulf, raising concerns about environmental damage and supply disruptions.
The price surge came despite a major intervention by the International Energy Agency, which announced the largest coordinated release of strategic oil reserves in history. The agency plans to release around 400 million barrels of oil to stabilize markets.
The United States alone is expected to release about 172 million barrels beginning next week. However, investors remained cautious as geopolitical tensions continued to escalate.
Iran has warned that oil prices could climb as high as $200 per barrel following attacks on merchant vessels in the Strait of Hormuz, a critical route for global energy shipments.
Market analysts believe the latest strikes may be linked to the announcement of the strategic reserve release, highlighting the growing volatility in global energy markets as regional tensions intensify.
