Brent crude prices surged past $100 per barrel in early Thursday trading after Oman ordered all oil vessels to leave its main export terminal, signalling escalating disruptions to oil shipments in the Middle East. The move follows intensified attacks linked to Iran targeting regional energy infrastructure and commercial shipping routes.
Mina Al Fahal, Oman’s main crude export terminal located outside the Strait of Hormuz, had remained one of the few operational routes for Middle Eastern oil exports. The facility handles roughly one million barrels of crude daily, but Iranian attacks in surrounding waters have made operations increasingly unsafe. Reports also indicated that two oil tankers were struck in Iraqi waters, highlighting the widening scope of disruptions to regional energy assets.
Despite the International Energy Agency’s earlier announcement of a record emergency oil reserve release, markets showed little reaction. Analysts warn that escalating tensions could drive prices significantly higher, with Iran’s Islamic Revolutionary Guard Corps declaring the Strait of Hormuz closed and warning that oil could reach $200 per barrel if the conflict intensifies.
