During the night to Thursday, additional oil tankers were set on fire in the Persian Gulf, according to officials. Iran has ramped up attacks on international shipping, threatening to more than double global oil prices with its blockade of the Strait of Hormuz. The Iranian military stated they will not let a liter of oil serving the US and its allies pass through Hormuz and that ships must have permission from them.
Iran threatened to close the Strait of Hormuz and set fire to ships trying to pass after US and Israel attacked Iran. Oil prices have surged again to over $100 per barrel, multiple reports indicate. Hostilities continue in Iran, officials report.
This leads to emissions of climate-impacting greenhouse gases and environmental toxins, according to official assessments. If similar attacks continue, there is an imminent risk of large oil spills, officials warn. A Kuwaiti oil tanker is burning after an Iranian attack in a port in Dubai, according to multiple reports.
The tanker was fully loaded when bombed, state-owned KPC confirmed, but the company said no one was injured in the attack. Two foreign tankers loaded with Iraqi fuel oil have been attacked in Iraqi waters. At least one person was killed as explosive-laden boats set ablaze two fuel tankers off the coast of Iraq, multiple reports indicate.
However, 25 crew members from the two vessels were evacuated and are safe, said Farhan al-Fartousi, director general of the Iraqi port authority. Fires are still burning strongly on both ships, according to reports, and Iraqi rescue teams were searching for survivors on one vessel, with a port security official recovering the body of an unnamed foreign crew member. Iran's Revolutionary Guards admit to being behind the attack on a Thai-flagged ship, with three crew members missing and 20 rescued.
Iran's Revolutionary Guards also took responsibility for the attack on the Safesea Vishnu, claiming it was a US-owned tanker that ignored warnings. Iran believes all American or Israeli ships, or ships carrying oil for those countries, are legitimate targets, said military spokesperson Ebrahim Zolfaqar. The Iranian military said if Iranian ports and docks are threatened, all ports and docks in the region will be legitimate targets for Iranian retaliation.
Iran has claimed responsibility for several attacks on commercial ships and laid mines this week to disrupt shipping, according to multiple reports. According to NRK Nyheter, an oil company director described Iran's control in the Strait of Hormuz as economic terrorism. The scale and frequency of attacks remain in dispute.
At least 14 attacks on ships in the Persian Gulf and Strait of Hormuz have been reported in the last two weeks, multiple sources report. However, the Marshall Islands-flagged Safesea Vishnu and Malta-flagged Zefyros were struck, bringing attacks since the Iran crisis erupted to at least 16, according to other reports. At least 17 commercial ships from various flags have been attacked since February 28, sources said.
This appears to mark a direct Iranian response to the IEA's announcement of a strategic reserve release.
Earlier on Wednesday, three ships were struck by unidentified projectiles in the Strait, reports indicate. Three attacks were reported earlier on ships near the Strait of Hormuz, flying flags of Thailand, Japan, and the Marshall Islands. Shipping in the Gulf and Strait of Hormuz has come to a near-standstill since US and Israel began strikes on Iran on February 28, according to multiple reports.
Oil markets have experienced severe volatility. 88 per barrel, multiple reports indicate. US crude oil has not been above $100 since July 2022, sources said.
78 per barrel, according to market data. Oil prices have surged more than 50 percent in March due to the war in Iran, reports show. Investors fear prices will continue to rise and severely damage the global oil market, according to financial analysts.
A spokesperson for Iran's military command warned that oil could hit $200 per barrel due to destabilized regional security. Crude prices hovered just above $90 per barrel on Thursday, having stabilized from a $120 per barrel high on Monday, market reports indicate. According to The Independent, Tony Sycamore described the recent attacks as appearing to mark a direct Iranian response to the IEA's announcement of a strategic reserve release.
International military developments have added to the tension. An Iranian missile was shot down by NATO after entering Turkish airspace, multiple reports confirm. The event is the fourth in Turkish airspace since the start of the war, sources said.
All threats to Turkey's territory and airspace are met with decisive measures, Turkey's defense ministry stated. Spain is closing its airspace to US military aircraft participating the war in Iran, according to reports. Spain has previously prohibited the US from using joint military bases in the warfare, sources indicate.
The closure forces military aircraft to bypass Spain, but should not include emergencies, reports say. The decision is part of the government's stance not to participate in a war started unilaterally and in violation of international law, said Spain's economy minister Carlos Cuerpo. A port in Oman was attacked, located in Salalah near the Yemen border, according to multiple reports.
An attack on oil facilities at the port was confirmed, sources said. No one was injured in the attack, but it caused a fuel storage fire, reports indicate. It will take time to control the fire, according to officials.
Iran's control in the Strait of Hormuz is 'economic terrorism.'
Iran's president Mousad Pezeshkian was in direct contact with the Sultan of Oman, who condemned the attack, sources reported. The port attack will be investigated, President Mousad Pezeshkian announced. Separately, a massive explosion under the Bridge of the Americas killed one person and injured two, temporarily closing the crossing over the Panama Canal, according to reports.
Smoke and flames engulfed part of the bridge after a fuel tanker truck exploded, sources said. More than 75 firefighting units and 45 vehicles were deployed to fight the blaze. One worker died in the fire, and two firefighters suffered minor injuries, said firefighter chief Victor Alvarez.
Investigations are beginning, and it is premature to speculate on causes, Alvarez added. A logistics corridor was reopened at 4am GMT-5 after temporary closure by the Panama Canal Authority. The Panama Canal Authority expressed solidarity with those affected and recognized emergency responders.
The Bridge of the Americas spans the Pacific entrance to the Panama Canal. Amid a fuel crisis from the Strait of Hormuz closure, the Panama Canal saw a slight increase in vessel transits due to higher fuel prices, reports indicate. 3 million barrels of crude oil and petroleum liquids transit per day in the first half of 2025, up from 2 million the prior year, according to data.
Political statements from former US President Donald Trump have introduced further uncertainty. An agreement to end the war with Iran is near, Donald Trump claimed. Trump threatens complete annihilation of important energy infrastructure if no agreement is reached.
Donald Trump urged shippers to continue using the Strait of Hormuz. Regarding potential war costs, White House press secretary Karoline Leavitt said she did not want to precede the president but indicated Trump could be interested in urging Arab countries to pay the costs of the Iran war. Reporting on the attacks contains significant contradictions.
Regarding casualties in the tanker attacks off Iraq, multiple reports state at least one person was killed, while the company involved in the Dubai port attack reported no injuries. The nationality or ownership of attacked tankers is also disputed; some reports state one of the burning tankers off Iraq is American, while others identify the vessels as Marshall Islands-flagged and Malta-flagged, with Iran claiming one was US-owned. The number of attacks on ships varies, with some sources citing at least 14 attacks in the last two weeks, others at least 16 since the crisis erupted, and still others reporting 17 commercial ships attacked since February 28.
Several critical unknowns persist. It is unclear who is behind the attack on the two tankers in Iraqi waters and what specific weapons were used. The exact cause of the explosion under the Bridge of the Americas in Panama remains under investigation.
The specific terms or status of the alleged near agreement to end the war with Iran mentioned by Donald Trump have not been disclosed. The practical impact of Spain's closure of airspace to US military aircraft on regional military operations is not yet clear. Conflicting price reports, with crude stabilizing around $90 after a $120 high, leave the current and projected impact of the attacks on global oil supply and prices uncertain.