Oil prices spiked briefly above the $100 per barrel mark early Thursday morning after seven vessels were attacked within two days in the Persian Gulf and the Strait of Hormuz, attacks allegedly carried out by Iran.
The two most serious attacks—believed to have been carried out by explosive-laden boats—struck the tankers Safesea Vishnu and Zefyros in Iraqi waters, killing at least one sailor and setting the vessels ablaze.
Iran's Islamic Revolutionary Guard Corps (IRGC) has claimed responsibility for the attacks. The group also released a video of the burning Safesea Vishnu, in which a person can be heard shouting:
“Allah is great! The destruction of an American oil tanker in the northern Persian Gulf region! I obey the orders of Khamenei! Glory to the Islamic Republic of Iran! The soldiers of the Islamic Revolutionary Guard Navy!”
These incidents follow attacks on four other vessels by projectiles or flying objects in the Strait of Hormuz since Wednesday. This caused oil prices to rise sharply following attacks in the Middle East, with Brent crude futures surpassing the $100 per barrel mark before settling back to around $96.50 per barrel as of 7 a.m. ET.
Hours later, a seventh vessel—the container ship Source Blessing—was hit by debris near the port of Jebel Ali (UAE), causing a small fire but no casualties.
Nils Haupt, a spokesperson for the German shipping line Hapag-Lloyd, told the Wall Street Journal:
“It is currently very difficult to travel by ship through the Persian Gulf.”
The attacks occurred after President Trump ordered the release of 172 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) to lower gasoline prices, which had risen by an average of 60 cents per gallon across the United States. Previously, the tense situation had caused gasoline prices to exceed $3/gallon for the first time since November, putting significant pressure on consumers.
The IRGC also warned that any vessel attempting to pass through the Strait of Hormuz—the waterway connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea, through which about one-fifth of the world's oil passes—could become a target. This is also the region that the White House warned about when Tehran conducted naval exercises with Russia to project power.
A spokesperson for the force declared:
“Prepare for $200 per barrel oil. Oil prices depend on regional security, and you are the greatest source of instability in the region.”
White House Press Secretary Karoline Leavitt said on Tuesday that President Trump had proposed having the U.S. Navy escort tankers when necessary.
However, Energy Secretary Chris Wright told CNBC on Thursday morning that these escorts could not be deployed immediately.
“That will happen soon, but it cannot be done right now,” Wright said. “Currently, our military resources are focused on destroying Iran's strike capabilities and its weapons manufacturing industry.”
Earlier on Thursday, the United Kingdom Maritime Trade Operations (UKMTO) reported that an unidentified flying object had struck a container ship approximately 35 nautical miles from the port of Jebel Ali, causing a small fire, but all crew members were safe.
The dry bulk carrier Mayuree Naree (Thai-flagged) was hit by two unidentified flying objects while passing through the Strait of Hormuz on Wednesday, causing a fire and damaging the engine room, according to the operator Precious Shipping.
Three sailors were reported missing and may be trapped in the engine room. The remaining twenty sailors were safely evacuated and brought ashore in Oman.
The container ship ONE Majesty (Japanese-flagged) also sustained minor damage after being struck by an unidentified flying object approximately 25 nautical miles northwest of Ras Al-Khaimah (UAE).
Shipowner Mitsui OSK Lines and charterer Ocean Network Express stated that the hull only suffered minor damage above the waterline and the vessel remains operational.
Another vessel, the bulk carrier Star Gwyneth (Marshall Islands-flagged), was also struck by a flying object about 50 nautical miles northwest of Dubai.
According to maritime risk management firm Vanguard, the object damaged the ship's hull, but the crew is safe and no injuries were reported.
