Global oil markets shuddered Thursday as Iran unleashed another round of strikes on energy facilities and shipping routes across the Middle East, keeping Brent crude stubbornly near the $100-a-barrel mark. The attacks targeted multiple nations simultaneously, demonstrating Tehran’s capacity to sustain a broad economic offensive against the Gulf region. Investors who had hoped the IEA’s record reserve release would calm prices were left disappointed as new violence erased any temporary relief.
Iranian forces struck merchant vessels near the Strait of Hormuz, including the Thai-registered Mayuree Naree, with three crew members believed trapped aboard. Iraq halted all operations at its oil export ports following attacks on nearby tankers. Bahrain ordered residents in the Muharraq Governorate to shelter indoors after fuel storage tanks were struck.
Brent crude rose roughly 6% to nearly $98 a barrel Thursday, having briefly touched $100.29. West Texas Intermediate climbed 8.6% to $94.75. Oil has surged from around $60 a barrel at the start of 2026 to a weekly peak of $119 before partially retreating. Oman cleared its Mina Al Fahal export terminal of all vessels following drone strikes at a neighboring port.
The IEA’s 32 member nations released a combined 400 million barrels of emergency crude in a historic coordinated action. The United States separately pledged 172 million barrels from its Strategic Petroleum Reserve. Energy Secretary Chris Wright accused Iran of deliberately manipulating and threatening energy security across the United States and allied nations.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel from $66. Deutsche Bank warned of a growing stagflation risk. Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European natural gas prices gained 7.7% for a second consecutive session.