Oil Prices Surge After Suspected Iranian Attack on Iraqi Tankers

A ship was engulfed in flames following an attack on multiple fuel tankers in Iraqi waters, reportedly orchestrated by explosive-laden vessels linked to Iran.

Iran has intensified its assaults on merchant vessels in the Gulf and the Strait of Hormuz, with at least six ships hit in the last 24 hours, increasing the total to at least 16 since the conflict escalated, according to Reuters.

Two fuel tankers—the Marshall Islands-flagged Safesea Vishnu and the Malta-flagged Zefyros—were set ablaze after being attacked by explosive-laden Iranian boats, resulting in the death of one crew member. Farhan al-Fartousi, director general of Iraq’s ports authority, reported that a vessel from the Iraqi Ports Company rescued 25 crew members from the two ships, although the fires continued to burn. Iraq’s oil ports have entirely halted operations in the wake of these events.

The Thai-flagged Mayuree Naree was also struck in the strait yesterday, with three crew members reported to be trapped, according to its operator, Precious Shipping. Earlier today, a container ship was hit near Jebel Ali in the UAE, resulting in a minor fire, as reported by the UK Maritime Trade Operations center. Fortunately, all other crew members are said to be safe.

In response to rising tensions, Oman has evacuated all vessels from its main oil export terminal at Mina Al Fahal. Iran’s Revolutionary Guards have warned they will not permit any oil to be shipped from the Middle East to the US, Israel, or their allies and have cautioned the world to prepare for oil prices soaring to $200 a barrel.

US and Israeli strikes have caused damage to at least four cultural and historical sites in Iran, including two palaces and the nation’s oldest Friday mosque, as confirmed by Unesco.

Verified damage includes the Qajar-era Golestan Palace in Tehran, the 17th-century Chehel Sotoun Palace, and the Masjed-e Jame mosque in Isfahan. Additionally, buildings near the Khorramabad Valley—which is known for prehistoric caves dating back to 63,000 BC—have also been impacted. Iran and Lebanon have requested Unesco to include more sites on its enhanced protection list.

Bonnie Docherty, a senior researcher at Human Rights Watch, remarked, “It causes harm to civilians because it damages or destroys a piece of their history that can be significant both to the world and also to a specific region or community.”

While Unesco stated it had previously provided the geographical coordinates of heritage sites to all parties involved, it remains unclear whether the strikes were responsible for the damage. The Pentagon has not commented on the matter.

Former US Congresswoman Marjorie Taylor Greene expressed strong opposition to U.S. military actions in Iran.

Greene, once a vocal supporter of US President Donald Trump before their public disagreement, raised concerns about the human toll of the conflict in Iran and its impacts on oil prices.

A container ship was hit by an unidentified projectile close to the UAE port of Jebel Ali, as reported by the UK Maritime Trade Operations center.

The impact sparked a minor fire onboard, and assessment of the damage was hampered by darkness. However, it has been confirmed that all crew members are safe and there has been no reported environmental impact at this time.

Reports indicate that three crew members are believed to be trapped aboard a Thai bulk carrier, which was struck by two projectiles while navigating the Strait of Hormuz, as stated by the vessel’s owner to AFP.

The attack on the Thai ship was claimed by Iran’s Revolutionary Guards. Additionally, two other cargo ships—one from the Marshall Islands and another from Japan—were reportedly affected in the same vicinity.

In light of growing tensions, Oman has relocated all vessels from its main oil export terminal at Mina Al Fahal to ensure safety, as reported by Bloomberg News.

During an interview on Fox News, US Energy Secretary Chris Wright faced questions about the next steps for American forces after three ships were struck near the Strait of Hormuz.

Reports indicate that three cargo ships—one from Thailand, one from the Marshall Islands, and one from Japan—were hit amid rising hostilities. Wright was queried about how to ensure the safety of the crews aboard these vessels.

“The most critical thing right now is US military degrading their ability to project power,” Wright explained, emphasizing ongoing military efforts to hinder Iran’s threats in the Strait of Hormuz.

He added that despite the challenges, the U.S. military remains committed to addressing these threats.

In a since-deleted social media post, Wright incorrectly claimed the US Navy had escorted an oil tanker through the strait, resulting in significant market reactions.

Read more on how that one post sent US oil markets into a frenzy:

Asian stock markets opened lower today as oil prices surged past $100 a barrel, triggered by increasing attacks on shipping within the Persian Gulf.

MSCI’s broadest index for Asia-Pacific shares outside Japan saw a decline of 1.6 percent, while Japan’s Nikkei index fell by 1.5 percent. Hong Kong’s Hang Seng lost 1.2 percent and Chinese blue-chip stocks decreased by 0.6 percent. Australia’s ASX 200 dropped by 1.65 percent, and S&P 500 and Nasdaq futures indicated a weak start for the US market.

In the currency markets, investors demonstrated increased caution, favoring the safety of the dollar and avoiding the currencies of energy-importing nations. The euro slipped to $1.1536, its lowest since November, while the dollar rose to 159.12 yen, its strongest level since January.