Iran’s military struck energy targets in four nations simultaneously on Thursday — Bahrain, Iraq, Oman, and the waters around the Strait of Hormuz — pushing oil prices back toward $100 a barrel and demonstrating the breadth of Tehran’s capacity to inflict economic damage across the Gulf region. The coordinated nature of the strikes suggested a deliberate campaign to maximize disruption to global energy markets. International emergency measures failed to prevent a fresh price surge.
In Bahrain, residents were ordered to shelter at home after fuel tanks in the Muharraq Governorate were struck. In Iraq, all oil export ports were shut down following attacks on two tankers. In Oman, vessels were evacuated from the Mina Al Fahal terminal after a nearby port came under drone attack. Near the Strait of Hormuz, the Thai vessel Mayuree Naree was struck, trapping three crew members.
Brent crude gained 9% Thursday to touch $100.29 before settling at around $98. West Texas Intermediate climbed 8.6% to $94.75. Oil has risen from $60 at the year’s start to a weekly peak of $119. Iran’s military escalated verbally, warning of $200-per-barrel oil.
The IEA released 400 million barrels of emergency crude from 32 member nations — a record. The US released 172 million barrels from its Strategic Petroleum Reserve. Despite the scale of intervention, new attacks kept markets on edge and prices elevated. President Trump pledged to continue the military campaign against Iran.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel from $66. Deutsche Bank warned of stagflation risks. Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European gas prices gained 7.7%.
