Oil Rises Again as Iran Outpaces Every Emergency Measure Thrown at the Crisis

Iran’s military campaign is outpacing every emergency measure that the world’s largest oil-consuming nations have deployed, with Brent crude rising again Thursday to hover near $100 a barrel despite an unprecedented coordinated release of emergency crude reserves. The speed and breadth of Iranian strikes on Gulf energy infrastructure is generating new supply disruptions faster than reserve releases can compensate. The situation is revealing a structural vulnerability in the global energy system that has long been acknowledged but never fully addressed.
Iranian forces struck four nations’ energy assets simultaneously Thursday, hitting merchant ships near the Strait of Hormuz, fuel tanks in Bahrain, tankers near Iraq’s ports, and facilities adjacent to Oman’s Mina Al Fahal terminal. Three crew members aboard the Thai vessel Mayuree Naree were reported trapped. Iraq shut all crude exports, Bahrain issued shelter-in-place orders, and Oman cleared its main terminal.
Brent crude gained 9% to touch $100.29 before settling at around $98. West Texas Intermediate rose 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, blocking approximately 20% of global seaborne energy flows.
The IEA released a record 400 million barrels from 32 member nations. The US contributed 172 million barrels from its Strategic Petroleum Reserve. Iran responded by warning of $200-per-barrel oil. President Trump pledged to continue military operations against Iran.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel from $66. Deutsche Bank warned of stagflation risks. Japan’s Nikkei dropped 1.6% and South Korea’s Kospi fell 1.2%.