Oil remains at the center of a widening global crisis with no end in sight Thursday, as Iranian strikes on Gulf energy infrastructure continued to push Brent crude near $100 a barrel despite an unprecedented emergency response from the world’s largest consuming nations. The conflict, now in its fourth week, has disrupted oil supply across Bahrain, Iraq, Oman, and the Strait of Hormuz while generating economic shockwaves that are being felt from Tokyo to Frankfurt. Diplomats have so far been unable to make progress toward a ceasefire.
Iranian forces struck merchant ships near the Strait of Hormuz, fuel tanks in Bahrain, oil tankers near Iraq’s ports, and the port area adjacent to Oman’s Mina Al Fahal terminal. Three crew members aboard the Thai vessel Mayuree Naree were reported trapped. Iraq suspended all crude exports and Oman evacuated its main terminal.
Brent crude gained 9% Thursday to touch $100.29 before settling at $98. West Texas Intermediate climbed 8.6% to $94.75. Oil has surged from $60 at the year’s start to a weekly peak of $119. The Strait of Hormuz has been closed since February 28. Iran’s military warned of $200 oil.
The IEA released 400 million barrels of emergency crude from 32 member nations. The US contributed 172 million barrels from its Strategic Petroleum Reserve. President Trump pledged to press ahead with the military campaign. Energy Secretary Wright accused Iran of deliberately threatening allied energy security.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel. Deutsche Bank warned of stagflation risks. Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European gas gained 7.7%.