Attacks on three commercial vessels in the Gulf on Wednesday, including one vessel set ablaze, have intensified Iran’s campaign against regional oil exporters, directly threatening the Strait of Hormuz and disrupting global energy flows. The assaults, following a U.S.-Israeli attack that Iran says killed Supreme Leader Ayatollah Ali Khamenei, have triggered a surge in oil prices and raised fears of a wider supply crisis.
Oil prices rose over five percent in early trading, reflecting market volatility since the conflict began on February 28. The Strait of Hormuz, through which approximately 20 percent of global oil and gas and a third of the world’s fertiliser supplies transit, remains a focal point. Iranian military statements vowed to target “economic centres and banks” linked to U.S. and Israeli interests, while drones and missiles continued to threaten shipping lanes.
In response, Group of Seven (G7) leaders are scheduled to hold a video meeting to consider coordinating the release of strategic petroleum reserves. Japan announced it would release oil reserves independently as early as Monday, bypassing a pending International Energy Agency (IEA) decision. Energy ministers from the G7 affirmed their readiness to take “all necessary measures” alongside the IEA.
Analysts warn that a prolonged closure of the Strait of Hormuz would devastate the global economy, particularly in Asia and Europe. The U.S. Pentagon reported strikes destroying 16 Iranian mine-laying vessels this week, yet attacks persisted. President Donald Trump warned of severe military consequences if mines are deployed, while Turkey’s President Recep Tayyip Erdogan urged a ceasefire—a proposal rejected by Iranian leadership. Israel meanwhile announced a new “wide-scale wave of strikes” across Iran and in Beirut.
Maritime incidents included a cargo vessel forced to evacuate after an onboard fire caused by an “unidentified projectile” north of Oman, and separate attacks on a bulk carrier and container ship off the United Arab Emirates. The Thai navy confirmed its bulk carrier Mayuree Naree was attacked in the strait, with 20 crew rescued by Omani forces. Ashore, drone strikes near Dubai airport injured four civilians.
Experts question the efficacy of U.S. Navy escorts for tankers, citing persistent threats from Iranian missiles and an estimated mine stockpile of 2,000 to 6,000. The Soufan Center noted that security risks alone could outweigh profit margins on oil shipments.
Internally, Iranian authorities have cracked down on dissent, with the national police chief stating protesters will be treated as “enemies.” Despite strikes, some Tehran residents described adapting to daily life amid shortages. Iran’s health ministry, citing unverified figures, reported over 1,200 killed and 10,000 injured in U.S.-Israeli strikes. Regional spillover has seen heavy casualties in Lebanon and Iraq, where Iran-backed groups operate.
The conflict’s outcome hinges on the viability of Hormuz, a chokepoint whose closure would trigger severe global supply shortages. Diplomatic efforts face significant hurdles, with both sides dismissive of de-escalation.
AFP
