The cascading effects of Iran’s military campaign spread further Thursday as Iraq halted all crude oil exports and Oman evacuated its main energy terminal, contributing to another day of near-triple-digit oil prices. Brent crude hovered near $98 a barrel after briefly touching $100, as investors weighed the latest disruptions against emergency supply releases from the world’s largest consuming nations. The situation is narrowing the options available to global energy policymakers.
Iraq shut down all operations at its oil export ports after two tankers in adjacent waters were struck by Iranian forces. Oman moved vessels out of its Mina Al Fahal terminal following drone attacks on a nearby port. The terminal is one of the few remaining export points in a region where the Strait of Hormuz has been closed to normal traffic since February 28.
Iran also struck fuel storage facilities in Bahrain’s Muharraq Governorate, prompting local authorities to issue shelter-in-place orders. The Thai vessel Mayuree Naree was hit near the Strait of Hormuz, with three crew members reported trapped. Saudi Aramco warned that if these disruptions persist, the consequences for world oil markets will be catastrophic.
The IEA released a record 400 million barrels from emergency reserves held by its 32 member nations. The US committed 172 million barrels from its Strategic Petroleum Reserve, to be delivered over approximately 120 days. Despite the scale of intervention, the combination of physical supply disruption and investor fear was powerful enough to keep prices elevated.
Goldman Sachs now sees Brent at $71 a barrel in Q4 2026, up from a previous estimate of $66. Deutsche Bank warned of stagflationary risks. Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European natural gas added 7.7%.