Global oil prices jumped sharply on Thursday after reports that two oil tankers were attacked in Iraqi waters near the Gulf of Hormuz, a key route for about one-fifth of the world’s oil shipments. The attacks stoked fears that ongoing Middle East conflicts could further disrupt crude supply and push prices even higher.
Brent crude briefly rose above $100 per barrel, while US West Texas Intermediate (WTI) oil also climbed significantly. Traders reacted to the news of port shutdowns and fires caused by the attacks, which forced temporary halts at some terminals.
The attacks come amid escalating tensions involving Iran, the United States, and Israel, heightening worries about shipping safety in the region. Analysts said that disruptions in the Gulf, especially around the Strait of Hormuz, could severely affect global oil supply, since the area is critical for transporting crude to international markets.
Governments are trying to ease the pressure. The International Energy Agency (IEA) announced the release of 400 million barrels from global reserves, while the US released 172 million barrels from its strategic reserves to help stabilize prices. Despite these measures, uncertainty continues, and traders are factoring in the risk of more disruptions.
Experts warn that higher oil prices could increase costs for fuel, transportation, and goods worldwide, adding to inflation concerns already affecting many countries. The recent surge shows how sensitive global energy markets are to geopolitical tensions and how a single incident can ripple through economies.
Investors and policymakers are watching the situation closely. Any further escalation in the region or continued attacks on tankers could keep oil prices volatile, impacting businesses and consumers globally.
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