Attacks on shipping lanes and critical energy infrastructure in the Middle East pushed global oil prices above $100 per barrel on Thursday, as American and Israeli airstrikes targeted Iranian positions with no clear end to the conflict in sight.
Iranian forces struck a container ship near Dubai, ignited a blaze near Bahrain’s international airport, launched a drone attack on a major Saudi oil field, and prompted Iraq to suspend operations at all its oil terminals following an assault on the port of Basra along the Persian Gulf.
Since February 28, when the United States and Israel launched an initial strike on Iran, Tehran has pursued a campaign aimed at inflicting significant economic pressure on the global community, seeking to compel a halt to foreign attacks.
Beyond targeting energy facilities, Iran maintains a strategic chokehold on the Strait of Hormuz, the critical waterway linking the Persian Gulf to the Indian Ocean through which approximately one-fifth of the world’s oil supply passes.
With traffic through the Strait effectively halted, Brent crude the global benchmark jumped 9% on Thursday, surpassing $100 a barrel. Prices have risen roughly 38% since the onset of hostilities, highlighting the growing strain on global energy markets.
Market analysts warn that continued escalation in the region could further disrupt supply and drive oil prices higher, amplifying global economic uncertainty.
