Global oil prices have surged above $100 a barrel again after a fresh wave of attacks on oil tankers in the Persian Gulf heightened fears of disruption to energy supplies. The escalation comes as the Middle East conflict widens, with Iran stepping up strikes on shipping routes and Israel intensifying military operations in Lebanon.
At least six vessels have been attacked in the past two days, raising concerns about the safety of one of the world’s most critical oil transport corridors. According to maritime authorities, two foreign oil tankers were struck in Iraqi waters while another vessel was hit in the Persian Gulf overnight.
Explosions were reported on multiple ships travelling through the Strait of Hormuz, the narrow waterway through which roughly a fifth of global oil trade passes. The attacks have triggered fresh anxiety in global energy markets already rattled by the ongoing conflict.
The surge in prices comes despite a major intervention by leading energy-consuming nations. The International Energy Agency (IEA), which includes the US and the UK among its members, announced plans to release a record 400 million barrels of crude from emergency reserves in an attempt to stabilise markets.
However, the move has done little to calm investor fears. Analysts note that the planned release is equivalent to only about four days of global oil consumption, limiting its ability to offset potential supply disruptions if tanker attacks continue.
Iran has warned that oil prices could rise as high as $200 per barrel if the conflict escalates further and shipping disruptions intensify in the Strait of Hormuz.
Meanwhile, the military confrontation across the region is expanding. Israeli warplanes launched what the Israeli military described as a “wide-scale wave of strikes” on Hezbollah positions in Beirut, reportedly targeting multiple buildings linked to the group. Israeli forces also said they intercepted missiles launched from Iran.
In the Gulf, regional air defence systems have been activated following drone and missile attacks. Saudi Arabia said it intercepted 18 drones, while authorities in Dubai reported that a drone crashed into an apartment building without causing injuries.
The United States has also continued military operations against Iranian targets. The US Central Command released footage showing strikes on three Iranian military aircraft at an airfield in southeastern Iran. The aircraft, including a C-130 transport plane and a P-3 surveillance aircraft, were seen burning after being hit.
Despite the widening conflict, US President Donald Trump said the United States had effectively won the war, though he indicated military operations could continue. “It’s just a question of when we stop,” he said when asked about further actions against Iran.
With tanker attacks mounting and the conflict spreading across multiple fronts, energy markets are bracing for further volatility in the coming days.
