Escalating attacks on ships in the Strait of Hormuz are raising global concerns about oil supply disruptions. Because around 20% of the world’s oil and gas shipments pass through this route, prolonged instability could drive energy prices significantly higher.

Tensions in the Middle East escalated again after several commercial vessels were struck in the Persian Gulf overnight. Maritime authorities reported new attacks on ships operating near the strategically important Strait of Hormuz, increasing fears of disruptions to global oil supplies and a potential surge in energy prices.

The incidents occurred as officials in Iran warned that crude oil prices could rise as high as $200 per barrel if the conflict continues to intensify.

New Attacks on Commercial Vessels

According to the United Kingdom Maritime Trade Operations monitoring center, a container ship was struck by an unidentified projectile approximately 35 nautical miles north of Jebel Ali, a major port near Dubai in the United Arab Emirates.
The impact caused a small fire on board the vessel. Authorities confirmed that all crew members were safe and no major injuries were reported.

Earlier in the day, two foreign oil tankers were also attacked in Iraqi waters near the port of Umm Qasr close to the city of Basra in Iraq.
Both ships caught fire following the strikes. According to media reports citing port officials, one person was killed, while 38 crew members were rescued from the burning vessels.

Maritime traffic through the Strait of Hormuz has slowed dramatically since the United States and Israel launched airstrikes against targets in Iran on February 28.
Iran subsequently warned that it could target vessels attempting to transit the strait, and several incidents involving commercial shipping have been reported in recent days.
The Strait of Hormuz is one of the most critical energy transit routes in the world. The narrow passage connects the Persian Gulf with the Gulf of Oman and serves as a gateway for oil exports from major producers in the region.

Approximately 20% of global oil and gas shipments typically move through this corridor, making any disruption a major concern for energy markets.

Energy markets responded quickly to the rising geopolitical tensions.
International benchmark Brent Crude futures for May delivery climbed 5.7% to $97.16 per barrel, while West Texas Intermediate futures for April delivery rose 5.3% to $91.88 per barrel.
Traders are closely watching developments in the region as supply risks increase. Some analysts warn that prolonged instability around the Strait of Hormuz could trigger a much larger price surge in global oil markets.

Strategic Oil Reserves Released

In an attempt to calm markets and stabilize supply expectations, the International Energy Agency announced plans to release 400 million barrels of oil from strategic reserves.
The agency did not specify an exact timeline for the release. Officials stated that the reserves would be deployed gradually depending on the circumstances faced by each of the organization’s 32 member countries.
Strategic reserve releases are typically used to offset sudden supply disruptions or geopolitical shocks affecting global energy markets.

Growing Economic Concerns

Repeated attacks on commercial ships have raised concerns about broader economic consequences. If shipping through the Strait of Hormuz remains restricted, global supply chains could face delays and increased transportation costs.
Higher energy prices would likely affect transportation, manufacturing, and consumer markets worldwide.

Analysts warn that a prolonged disruption could trigger inflationary pressures and slow economic growth in energy-importing economies.
For now, traders and policymakers continue to monitor the situation closely as tensions in the region remain high.

By Miles Harrington 
March 12, 2026

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