Iran-linked attacks set two fuel tankers ablaze in Iraqi waters as Tehran escalated strikes on oil and transport infrastructure across the Middle East, warning the world to be “ready for oil to be 200 dollars a barrel.” The flare-up, coming as the joint U.S.-Israeli air campaign in Iran neared its second week, further rattled energy markets already reeling from disrupted Gulf shipping and a looming record release of strategic oil reserves.
Port officials and maritime security firms said explosive-laden boats appeared to have struck the tankers, killing one crew member, after projectiles hit three other merchant vessels elsewhere in Gulf waters. Bahrain’s Interior Ministry said fuel tanks at a facility in Muharraq were also targeted.
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The International Energy Agency recommended releasing 400 million barrels from global strategic reserves in what it called the largest intervention of its kind, seeking to blunt one of the worst oil shocks since the 1970s. U.S. Energy Secretary Chris Wright said President Donald Trump authorized the release of 172 million barrels from the U.S. Strategic Petroleum Reserve beginning next week. Trump said the IEA move “will substantially reduce oil prices as we end this threat to America and the world.”
“This appears to mark a direct and forceful Iranian response to the IEA’s overnight announcement of a massive strategic reserve release aimed at cooling runaway prices,” said Tony Sycamore, an analyst at IG.
Iran’s military spokesperson, in remarks aimed at Washington, said, “Get ready for oil to be 200 dollars a barrel, because the oil price depends on regional security, which you have destabilised.” Tehran has signaled it intends to impose a prolonged economic shock, even as U.S. officials argue Iran’s military capabilities are being sharply degraded.
There was no sign ships could safely transit the Strait of Hormuz, the now-blockaded channel along Iran’s coast that carries roughly a fifth of the world’s oil. An Iranian military spokesperson said the strait was “undoubtedly” under Iran’s control. The Group of Seven nations agreed to examine options for naval escorts to keep Gulf shipping lanes open. Multiple sources said Iran had deployed about a dozen mines in the channel, complicating efforts to ease the blockade.
Trump said U.S. forces had “knocked out 58 Iranian naval ships” and described Iran as “pretty much at the end of the line,” adding, “The straits are in great shape. We’ve knocked out all of their boats. They have some missiles, but not very many.” He also said, “We don’t want to leave early, do we? We got to finish the job.” Battlefield claims could not be independently verified.
ABC News reported the FBI warned of potential Iranian drone activity targeting the U.S. West Coast. The State Department separately cautioned that Iran and allied militias may be planning attacks on U.S.-owned oil and energy infrastructure in Iraq, noting militias have previously targeted hotels frequented by Americans.
U.S. and Israeli officials have said their aim is to end Iran’s ability to project force beyond its borders and to destroy its nuclear program. An Israeli military official said forces still had an extensive list of targets in Iran, including ballistic missile and nuclear-related sites. The U.S. military urged civilians to avoid ports with Iranian navy facilities. Iran’s military responded that if those ports were threatened, economic and trade centers across the region would be deemed “legitimate targets.”
Casualty counts are mounting. The U.S.-Israeli air strikes that began nearly two weeks ago have killed around 2,000 people, according to preliminary tallies, while UNICEF said more than 1,100 children had been killed or injured.
With pump prices surging and shipping stalled, oil has become central to the conflict’s calculations. Whether a record drawdown of reserves can steady the market may hinge on the Strait of Hormuz — and whether escalating attacks on tankers and energy infrastructure can be contained.
By Abdiwahab Ahmed
Axadle Times international–Monitoring.
