Fresh attacks by Iran on energy infrastructure across the Gulf region have pushed global oil prices above $100 per barrel, intensifying fears of a prolonged conflict that could disrupt global energy supplies and destabilize the world economy.
The latest wave of drone and missile strikes on Thursday targeted fuel and shipping facilities in several Gulf countries, just hours after two oil tankers were attacked in regional waters. The escalation comes amid an ongoing war involving the United States and Israel, which has rapidly spread across the Middle East.
Authorities in Bahrain urged residents to remain indoors and shut their windows after Iranian strikes reportedly hit fuel storage tanks. In Saudi Arabia, officials said air defence systems intercepted drones heading toward the strategic Shaybah oil field and the diplomatic district.
Earlier, drones also struck fuel storage facilities at Salalah Port in Oman, forcing authorities to suspend operations temporarily.
Maritime traffic in and around the critical Strait of Hormuz, a chokepoint through which roughly one-fifth of the world’s oil supply passes has also come under threat. A container ship near the United Arab Emirates was hit by what the UK maritime agency described as an “unknown projectile,” causing a small fire onboard. All crew members were reported safe.
The incident followed an earlier attack on two oil tankers near Iraq that left at least one crew member dead. Authorities confirmed that 38 others had been rescued while search efforts continued for additional missing crew members.
The Iraqi government described the tanker incidents as acts of sabotage and expressed serious concern about the growing threats to oil shipping in the Gulf.
Iran has warned that the Strait of Hormuz could effectively remain closed during the conflict, vowing that no oil exports would leave the Gulf while hostilities continue. In the past 24 hours alone, at least four separate maritime incidents involving commercial vessels have been reported in the region.
Meanwhile, Donald Trump said Iran was nearing defeat but cautioned that the war might not end immediately. Analysts say the escalating conflict has already triggered major economic shocks, with energy markets reacting sharply.
Despite a record release of strategic oil reserves by the International Energy Agency, fears of supply disruptions have pushed crude prices above $100 per barrel, with experts warning that prices between $90 and $100 could persist if the conflict continues.