Oil Prices Surge Past 100 As Iran Targets Tankers In Persian Gulf

Global oil prices surged again Thursday after attacks on oil tankers in the Persian Gulf disrupted energy shipments and rattled international markets.

The global benchmark Brent crude briefly climbed above $100 per barrel early Thursday the first time it crossed that threshold since earlier in the week before easing slightly to about $97.81 later in the morning.

Energy analysts say the price spike was triggered by escalating Iranian attacks on ships operating near the Strait of Hormuz, one of the world’s most critical oil shipping lanes.

According to the maritime monitoring organization United Kingdom Maritime Trade Operations, at least two oil tankers were struck by projectiles Wednesday off the coast of Iraq.

Both vessels caught fire following the attacks, forcing crews to evacuate.

Iran reportedly claimed responsibility for striking one of the tankers, accusing the ship of ignoring orders from Iranian forces. Iraqi officials say Iran is also suspected of carrying out the second strike.

Video circulating online showed individuals linked to Iran’s Revolutionary Guard celebrating the attack and praising the country’s leadership.

The escalating maritime violence has already begun affecting global energy infrastructure.

Security concerns forced Iraq and Oman to temporarily close several oil terminals, further tightening supply in international markets.

The Strait of Hormuz is one of the most strategically important waterways in the global economy.

Several critical facts highlight its importance:

• Roughly 20% of the world’s oil supply passes through the strait.

• The corridor connects major producers including Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates to global markets.

• Even brief disruptions can send energy prices soaring worldwide.

As tensions intensified, gasoline prices in the United States also climbed sharply.

According to data from AAA, the national average price for gasoline reached $3.59 per gallon on Thursday. Just one month earlier, the national average was about $2.94 per gallon.

The price increase reflects the tight relationship between global crude oil markets and American fuel costs.

In response to the rising prices, President Donald Trump announced that the United States would begin releasing oil from the Strategic Petroleum Reserve.

“We’re going to be doing that very quickly,” Trump said while discussing the plan.

Energy Secretary Chris Wright confirmed that approximately 172 million barrels of oil from the reserve are expected to be released beginning next week.

The Strategic Petroleum Reserve is the largest emergency oil stockpile in the world, capable of holding more than 700 million barrels of crude oil in underground storage facilities along the Gulf Coast.

Officials say the release is intended to stabilize markets and ease pressure on consumers at the pump while the conflict continues.

Despite the volatility in energy markets, Trump expressed confidence in the broader military campaign targeting Iran.

“They are pretty much at the end of the line,” the president said while discussing the state of the conflict.

Trump has also previously suggested that the United States Navy could begin escorting commercial tankers through the Strait of Hormuz if attacks on shipping continue.

For now, however, global markets remain on edge as the situation in the Persian Gulf evolves and energy supplies face ongoing uncertainty.

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